From the MassHousing blog:
Families living at the 200-unit Leyden Woods Apartments in Greenfield will soon have their homes transformed almost overnight as outdated structures will soon be demolished and replaced quickly with modular, prefabricated sections that will sit atop existing foundations.
“The developer is committed to keeping Leyden Woods affordable for the low-income families who live there and is going to completely rebuild and modernize the property with the help of $53 million in MassHousing financing,” said MassHousing Executive Director Tom Gleason.
Originally built in 1973, Leyden Woods is owned by an affiliate of The Community Builders (TCB). TCB is using the MassHousing financing to completely replace the 200 apartments on the 44-acre property that are all affordable to lower-income families through the use of Low Income Housing Tax Credits. As a result of the MassHousing financing, the Section 8 Housing Assistance Payment (HAP) contract for 181 of the units will also be extended for 20 years.
The general contractor, Delphi Construction, will coordinate with a modular subcontractor to construct 49 new modular buildings off site and then after delivery will install them at Leyden Woods. Residents will be assisted and temporarily relocated throughout the 18-month replacement process.
The new housing will be more energy efficient and accessible for residents with disabilities.
MassHousing’s financing includes a $26.2 million construction and permanent loan, a $24.7 million bridge loan and a $2.1 million second mortgage loan. Other financing sources for the $79 million transaction included state Low Income Housing Tax Credits, the state Department of Housing and Community Development, TCB financing, a MassSave grant and a city of Greenfield infrastructure grant.
The architect is Davis Square Architects and the management agent is The Community Builders.
