Boston Capital announced it is investing in the development of Cole Avenue, a 41-unit affordable housing development for families in Williamstown, Mass. The $9.6 million low-income housing tax credit investment represents the firm’s second partnership with Berkshire Housing Development Corp. (BHDC), a nonprofit developer based in Pittsfield, Mass.
"With our partner Elton Ogden and the folks at BHDC, we're thrilled to be part of this team creating much-needed affordable housing for families in Williamstown," said Jack Manning, president and CEO of Boston Capital. "COVID-19 has highlighted the dire need for affordable housing in Massachusetts and across the country. It's critical that we continue to create and preserve high-quality affordable housing so that families have a safe place to call home."
Located in northwest Massachusetts near the Vermont and New York borders, Cole Avenue will feature the new construction of 41 units for families on a 4.9-acre site. The proposed development includes the gut rehab of a four-story former industrial facility along with the new construction of three two-story attached townhome structures. Upon completion, Cole Avenue will offer 11 one-bedroom, 17 two-bedroom, and 13 three-bedroom units to families earning 60% or less of the area median income (AMI). Fourteen units will be set aside at 30% of the AMI, and 27 units will be set aside at 60% of the AMI.
Unit amenities will include central air conditioning and kitchen appliances. The townhome units will also feature patios and a storage closet. After its rehab, the existing four-story building will include a community room, common-area laundry, an elevator, and a management and resident services office.
Community amenities will include a playground, 92 parking spaces, and a proposed bike trail on green space adjacent to the apartment community. Additionally, residents will benefit from supportive services provided by Berkshire Housing Services, which will include financial planning, workforce readiness (including transportation, day care services, and employment training), and resident leadership opportunities.
To date, Boston Capital, a real estate investment and advisory firm, has invested in nearly 5,050 affordable apartments in Massachusetts.