State funding to create jobs, rehabilitate housing in city
Date: 3/1/2011
Feb. 28, 2011By G. Michael Dobbs
Managing Editor
SPRINGFIELD — Two projects rehabbing older housing stock in the city finally received long-awaited funds.
Gov. Deval Patrick's office announced on Feb. 18 the state has made available $71.37 million from various funding sources that will be used to complete work on 1,642 units of housing across the state.
The funding is also expected to create about 2,000 construction jobs, according to the information released by the governor's office.
Springfield was the only city in the western part of the state to receive funding.
Geraldine McCafferty, the city's director of housing, told Reminder Publications both projects in the city are rehabbing existing housing, which is the current housing philosophy. Rather than new construction, city officials would rather see existing housing stock renewed and occupied, she added.
The two projects are City View Commons Two Phase B, which is at the corner of Worthington and Federal streets. McCafferty said this funding would be used in the continued redevelopment of apartment blocks at that location.
According to the governor's office, "First Resource Development Company will use $329,000 in federal low-income housing tax credits, $159,594 in state issued low-income housing tax credits, and $258,400 in Department of Housing and Community development (DHCD) program subsidies to complete part of a two-phase acquisition and substantial rehabilitation of the City View Commons Two apartments. The entire project will preserve 144 units of affordable rental housing. This phase will include 24 affordable units, three of which will be set aside for extremely low-income households. This phase of construction will generate 20 jobs."
The second development is Cumberland Homes Phase Two at Cumberland and Dwight streets. "Beacon Communities, LLC, will use $390,000 in federal low-income housing tax credits, $380,450 in state issued low-income housing tax credits, and $450,000 in DHCD program subsidies to address substantial structural issues in 36 rental units, including 32 affordable units and another four for households with extremely low incomes. The upgrades are expected to generate 27 jobs," according to information from the governor's office.
"By investing this targeted blend of funds to spur housing development, we are actively strengthening our communities across Massachusetts. Creating affordable housing helps to generate jobs, grow local businesses and build a better, stronger Commonwealth," Patrick said.
