Developers have begun revitalizing Holyoke Farms, a large-scale, mixed-income community in the Whiting Farms neighborhood of Holyoke, Mass.
Maloney Development, an entity of Maloney Properties, will preserve and enhance the long-standing housing community through a renovation program that combines substantial upgrades to existing units with new construction.
“Maloney Development looks forward to transforming Holyoke Farms for many hardworking families in this gateway city,” said Felicia Jacques, managing director, Maloney Development, in a statement. “We are grateful to the city and state for their support and are committed to maintaining quality, diverse housing options across the state.”
MassHousing provided a $12.2 million permanent loan and $9.9 million in bridge loan financing for the project.
In addition, the Massachusetts Department of Housing and Community Development (DHCD) allocated low-income housing tax credits, which generated about $12.6 million in equity from The Richman Group. Other funding sources include $4.5 million in direct support from DHCD, a $12.2 million seller note, and $250,000 in HOME funds from the city of Holyoke. TD Bank provided a $20 million construction loan.
As part of the effort, eight apartments will be demolished and replaced with 12 new accessible, one-bedroom units to address the needs of elderly and disabled residents in a low-rise elevator building with a new community room and management space. Overall, there are 12 one-bedroom, 111 two-bedroom, and 106 three-bedroom apartments at the property. Holyoke Farms’ existing 217 two- and three-bedroom townhouse-style units will be significantly renovated.
Of the 229 units, 191 will be affordable, with eight reserved for households earning below 30% of the area median income. These eight apartments will be subsidized through the Massachusetts Rental Voucher Program, and eight apartments will be subsidized by a federal Section 8 Housing Assistance Payment contract.
“We are pleased that the residents of Holyoke Farms will have affordable homes long into the future,” said MassHousing executive director Chrystal Kornegay. “Maloney Properties was not only committed to extending the affordability for the lower-income residents, but also completing substantial renovations to ensure the property is viable for the long term.”
Kaplan Construction will serve as the contractor, Guzman Prufer as architect, and the management agent is Maloney Properties.
