NEW BEDFORD, Mass. — WinnDevelopment has started redevelopment work to convert the remainder of the historic Cliftex Mill building in New Bedford, approximately 60 miles south of Boston, into 71 units of mixed-income housing for adults 55 and older.
The adaptive reuse of the 114-year-old, five-story brick building will complete the residential development of Manomet Place, a 76-unit, age-restricted apartment community that WinnCompanies opened in a portion of the renovated mill in 2013. There are currently 170 applicants on the waitlist for Manomet Place, which WinnResidential manages.
“We first envisioned this project back in 2012, when we helped this property earn a spot on the National Register of Historic Places,” says Adam Stein, WinnDevelopment executive vice president. “Now, we have the opportunity to create a true mixed-income community that combines the affordable, workforce and market-rate housing that seniors in the New Bedford area desperately need.”
Of the 71 new apartments, 56 will be available to seniors earning below 60 percent of area median income (AMI), and 15 units will be available at 100 percent of AMI, providing a workforce housing component to middle-income households that do not qualify for traditional affordable housing subsidies but cannot afford market-rate rents.
A variety of sources are funding the $19.2 million project, including loans from the Massachusetts Department of Housing & Community Development; construction financing from the Bank of America; permanent financing from the Massachusetts Housing Partnership; federal and state Low-Income Housing Tax Credits, along with state Historic Tax Credits, to be sold by BlueHub Capital; and support from the City of New Bedford using HOME program funds.
The 135,732-square-foot space is scheduled for occupancy in August 2022. Keith Construction is the general contractor on the project with TAT serving as architect. The development will be built to meet the sustainability standards of Enterprise Green Communities (EGC), a green certification program for affordable housing. Manomet Place already benefits from roof-mounted solar panels.
The post WinnDevelopment Starts $19.2M Conversion of Historic Mill into Affordable Housing in New Bedford, Massachusetts appeared first on Seniors Housing Business.
Be First to Comment