Way Finders is set to receive $5.2 million in funding from MassHousing, the funds will be used to build new 62 affordable rental housing in Agawam, Massachusetts. The new affordable rental housing in Agawam will have 20 one-bedroom units, 29 two-bedroom units, and 13 three-bedroom units. Local firms, Dietz & Company Architects of Springfield and Allegrone Construction of Pittsfield, are entrusted with the architectural and development aspects of the project, ensuring a well-crafted and welcoming living environment.
To bring this visionary project to life, Way Finders will receive $3.7 million as a permanent loan from MassHousing. Along with a $1 million Workforce Housing Initiative loan, and an additional $500,000 in Capital Magnet Fund financing.
Other funding support for the new affordable rental housing in project Agawam include; The Massachusetts Executive Office of Housing and Livable Communities (EOHLC) has allocated $17 million in Low-Income Housing Tax Credits, supplemented with $3.4 million in direct support. The Affordable Housing Trust Fund, managed by MassHousing on behalf of EOHLC, will provide an additional $1 million, and the Massachusetts Department of Mental Health will contribute $749,000. The Massachusetts Housing Investment Corporation (MHIC) will act as the tax credit syndicator and investor. While TD Bank will offer essential construction finance.
Completion dates for the new affordable rental housing project in Agawam
Completion of the new affordable rental housing project in Agawam is anticipated for August 2024. The project represents a significant milestone in MassHousing’s ongoing efforts to make affordable housing more accessible. And to provide families with comfortable and sustainable homes across the state
The new affordable rental housing in Agawam “Rosewood Way” project will be accessible to families from various income backgrounds. Eight units will be supported by a federal Section 8 subsidy for households earning up to 30% of the AMI. An additional 12 units will be supported by the Massachusetts Rental Voucher Program for households earning up to 50% of AMI. A substantial portion of 27 units will be reserved for households earning up to 60% of AMI. While 10 units will be allocated for workforce housing, serving households with incomes up to 80% of AMI. Additionally, five units will be unrestricted, promoting diversity and inclusion within the community.