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Date: 5/31/2023
LUDLOW — On May 18, Gov. Maura Healey and Lt. Gov. Kim Driscoll announced that $246 million in direct subsidies and state and federal housing tax credits will be awarded to build and preserve nearly 1,600 affordable homes throughout Massachusetts.
The funds were awarded to 27 projects in 20 cities and towns to help with the state’s housing crisis. A portion of the monies will help fund Greenstead Grove, 188 Fuller St.
The costs associated with owning or renting a house have made it hard for people to find a place to live in the state. Across Massachusetts, the U.S. Census Bureau’s American Community Survey data show about a quarter of all renters now spend half their income, or more, on housing.
The median home price in Massachusetts rose from $285,000 in 2011 to $510,000 in 2021, according to data by The Warren Group.
Greenstead Grove is a new construction townhomes project that is planned to be built in Ludlow.
Sponsored by Way Finders Inc., the Department of Housing and Community Development will support the project with federal and state low-income housing tax credits, subsidy funds and American Rescue Plan Act funds.
Way Finders Inc.’s mission is to build and advocate for a thriving and equitable region by improving the stability and economic mobility of families and individuals, together with developing and managing a wide range of housing to support strong communities.
Way Finders President and CEO Keith Fairey said, “While there are emergency assistance programs available, we must focus on creating and advocating for long-term housing solutions that will lead to an equitable recovery in our communities.”
When completed, Greenstead Grove will offer 43 affordable units for families, with 16 units reserved for families earning less than 30 percent of the area median income and, in some cases, transitioning from homelessness.
Fairey added, ““In a community like Ludlow, we distributed over $1.5 million in emergency rental assistance during the pandemic, which speaks to a great need for more affordable housing. Affordable housing in Ludlow means people can commute to work and can support themselves and their families. They’ll have a home they can stay in, a place their kids can study for school, a place they can use as a launchpad for their economic dreams and aspirations. That is what we are hoping to bring through this project.”
It will consist of seven or eight townhouse buildings with five to seven units per townhome and a community building with an on-site management office and laundry room.
Way Finders is currently working on similar projects called Parson Village in Easthampton and Rosewood Way Townhomes in Agawam.
Fairey added, “The project is going to include housing for families at a range of incomes, so it is going to include 10 one-bedroom units, 20 two-bedroom units and 13 three-bedroom units. It gives it a nice neighborhood feel and the apartments will be split up into eight different buildings.”
The development will be adjacent to Harris Brook Elementary School, near other community facilities, grocery stores, and employers, and less than a mile to Interstate 90.
Fairey added that the next steps are to close on the funding award his company received within the next 12 months and begin the construction process after that.
He said, “There is a lot of variables that go into when the state is able to close and their readiness to close. I can’t give a hard date when we will see it happen, but my hope is to close by the end of 2023 with construction starting after that or early 2024.”
These funds will be able to help work on a housing unit supply gap that Wayfinders discovered in a recent study they conducted with the UMass Donahue Institute called the greater Springfield regional housing analysis report.
The study showed that more than half of all renters in the Pioneer Valley are housing “cost burdened”, spending 30% or more of their income on housing. The trend is even worse for communities of color in the region and an increasing housing supply gap could drive up prices.
Fairey said, “We are excited about receiving the funds. Over the last two years and what that study told us is we have a housing supply gap in our region. At the time the study was released, it said we had 11,000 unit supply gap and it is now projected to grow to 19,000 units. We are excited to move forward. We understand there is a need and unfortunately a growing need at this time and we hope this meets some of this need for residents of Ludlow and the region.”
Healey said, “These are the types of projects that our Executive Office of Housing and Livable Communities will be driving in close collaboration with local, federal and private sector partners to address our housing crisis.”
Driscoll added, “Our housing needs are great, and we are excited to move forward with a new, cabinet-level secretariat to create more homes and lower housing costs for residents.”