$18 Million MassDevelopment Bond Helps Weston Associates Renovate, Preserve South Yarmouth Affordable Housing
June 11, 2013
MassDevelopment has issued an $18 million tax-exempt bond on behalf of SPV Associates Limited Partnership, which will use bond proceeds to buy and renovate 150 units of affordable housing at Swan Pond Village in South Yarmouth. Weston Associates is the project sponsor. Renovations will include new roofs, windows, flooring, doors, cabinets, and appliances; bathroom improvements; drywall replacement; interior painting; new HVAC systems; electrical upgrades; and site improvements. In addition to the bond financing, MassDevelopment assisted the Department of Housing and Community Development with getting approval of federal low income housing tax credits that will generate about $8.8 million in equity for the project.
“Preserving affordable housing is vital to improving the quality-of-life in the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to support Weston Associates’ work resulting in more and better affordable housing options in South Yarmouth Swan Pond Village.”
“Our comprehensive housing strategy for the Commonwealth includes creating and preserving new housing at every level, including affordable housing that is accessible to a broad range of residents,” said Aaron Gornstein, the Undersecretary of Housing and Community Development. “Swan Pond Village has not only created new housing opportunities in South Yarmouth, but it has also created jobs and revitalized the community.”
Swan Pond Village has 18 residential buildings and one community building on 26.6 acres that includes 68 one-bedroom units, 44 two-bedroom units, 30 three-bedroom units, and eight four-bedroom units.
“Preserving the long-term viability of affordable housing assets such as Swan Pond Village is critical to the success of our communities. We are very excited to be working with MassDevelopment and HUD on the preservation and modernization of this building,” said Michael Packard, Vice President of Operations at Weston Associates.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.