MassDevelopment Bond Helps Renovate Worcester Affordable Housing
May 17, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Allison Kunis, Related Companies, 212-801-1076
MassDevelopment has issued a $28 million tax-exempt bond on behalf of Washington Heights Preservation Limited Partnership, a Worcester project sponsored by Related Companies. The organization is using bond proceeds to buy and renovate a 404-unit multi-family housing apartment complex known as Washington Heights. Planned renovations include bathrooms, kitchens, fire alarm, and electrical upgrades; new air conditioning units, HVAC equipment, and security system; and common area painting. Other upgrades include new vinyl siding, roofs, and gutters; balcony and parking lot repairs; and improved outdoor community areas. Washington Heights has 366 units affordable to households earning no more than 60 percent of the area median income, 36 units affordable to households earning no more than 95 percent of the area median income, and two market rate units. The 21-acre property is comprised of 34 three-story garden-style buildings with 196 one-bedroom units, 180 two-bedroom units, 18 three-bedroom units, and 10 four-bedroom units.
This project will preserve Washington Heights as affordable housing for 30 years. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will generate about $16.2 million in equity for the project.
“Prioritizing affordable housing is crucial for families in the Worcester community,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to help Related Companies as the developer preserves and upgrades these units at Washington Heights.”
Related Companies Inc., the project’s sponsor, is a prominent, privately-owned real estate firm. Headquartered in New York, the organization has extensive experience in development, acquisitions, management, finance, marketing and sales, focusing on the development of mixed-use, residential, retail, and affordable properties.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.