The Community Builders Inc. Renovates Lyman Terrace With Help From MassDevelopment Bond
March 7, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Jacquinn Sinclair, The Community Builders Inc., 857-221-8794 & 617-852-4524 (cell)
Samantha Kaufman, Executive Office of Housing and Economic Development, 617-788-3604
Heather Ducharme, City of Holyoke, 413-322-5510
MassDevelopment has issued an $18.3 million bond on behalf of Lyman Terrace Phase I LLC, a subsidiary of The Community Builders Inc., a Boston nonprofit real estate developer of affordable and mixed-income housing. The Community Builders is using bond proceeds to buy and renovate Lyman Terrace, a 167-unit federal public housing development in Holyoke. Renovations in the project’s first phase will update and preserve 88 units of affordable housing, and introduce a new road through the property. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide about $15.9 million in equity for the project.
“We succeed together when we embrace community driven-projects,” said Undersecretary of Housing and Community Development Chrystal Kornegay. “The renovation of Lyman Terrace truly embodies this strategy, further connects the development to downtown and represents a significant investment in our public housing stock to improve the lives of Holyoke's residents. We are happy to partner with the City of Holyoke, The Community Builders and MassDevelopment on this fantastic project.”
“Our downtown is a key factor in Holyoke's growth and prosperity, and this includes Lyman Terrace. I'd like to thank MassDevelopment, the Community Builders, the Massachusetts Department of Housing and Community Development, and of course the residents of Lyman Terrace for all of their hard work and dedication to the City,” said Holyoke Mayor Alex Morse. “Not only will this renovation allow these residents to keep their homes, but it will be another step in our work towards creating a vibrant, inclusive Center City.”
“The Commonwealth prioritizes housing solutions that strengthen communities and catalyze lasting economic growth across the state, and particularly in Gateway Cities like Holyoke,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to lend a hand in this effort by supporting projects, like Lyman Terrace, that will build, improve, and preserve much-needed affordable housing options.”
“The Community Builders is committed to the revitalization of Lyman Terrace, which will strengthen the fabric of downtown Holyoke. MassDevelopment’s financing is a critical resource that allows us to provide 88 families with an even better place to live,” said The Community Builders Regional Vice President of Development, New England, Eliza Datta.
The Community Builders Inc. is one of America's leading nonprofit real estate developers and owners. Its mission is to build and sustain strong communities where people of all incomes can achieve their full potential. The organization realizes that mission by developing, financing and operating high-quality housing and implementing neighborhood-based models that drive economic opportunity for residents. Since 1964, The Community Builders have constructed or preserved hundreds of affordable and mixed-income housing developments, and secured billions of dollars in project financing from public and private sources. Today, it owns or manages 11,000 apartments in 14 states and is headquartered in Boston with regional hubs in Chicago and Washington, D.C.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.