June 13, 2003
HEALEY ANNOUNCES $6.8 MILLION FOR NEW TAUNTON HOUSING
WEIR Corporation to build 64 affordable apartments
TAUNTON – In an effort to boost the supply of housing across the Commonwealth, Lieutenant Governor Kerry Healey today announced that the “Robertson on the River” project will receive $6.8 million in financial support to renovate a historic mill building making way for 64 affordable apartments.
“Increasing the supply of housing for low- and moderate-income families is a top priority of the Romney/Healey administration,” said Healey. “This significant investment of state financial resources demonstrates our commitment to serving families while also strengthening the economy in Taunton and throughout the Commonwealth.”
Healey said WEIR Corporation, a Taunton non-profit Community Development Corporation (CDC), will receive $750,000 from the Housing Stabilization Fund and $806,720 in federal Low Income Housing Tax Credits, which will generate $6,048,720 in investor equity over the next 10 years, for the “Robertson on the River” project.
The funds will enable WEIR to acquire and renovate an existing mill building, located at 120 Ingell Street, and convert it into 64 apartments affordable to low- and moderate-income households. The building also includes small business and commercial space on the first floor and is within walking distance to the local bus line.
Healey was joined by Taunton Mayor Ted Strojny at the announcement. The City of Taunton is providing $148,000 from its Brownfields Clean Up fund for site remediation as well as $600,000 in federal Section 108 Loan funds to support the project.
“I am extremely pleased to see that this affordable housing initiative has been funded and that the City of Taunton could help make this possible,” said Mayor Thaddeus Strojny.
The awards announced today are part of $75 million worth of grants, loans and low-income housing tax credits awarded by Governor Mitt Romney last week to create and preserve more than 1,600 rental homes in 33 communities in 21 communities statewide.
Healey said approximately $51 million of the funds will be generated through private investment in exchange for 10 years of state administered federal Low Income Housing Tax Credits (LIHTC). Another $23.65 million will be administered from the state Department of Housing and Community Development’s (DHCD) Housing Stabilization Fund (HSF), Capital Improvement and Preservation Fund (CIPF), Facilities Consolidation Fund (FCF), HOME program and the Housing Innovations Fund (HIF). Each of the programs is designed to serve developers who produce housing for income eligible seniors, families, individuals and special needs residents across the state.
“This wide array of programs and services helps those who need our assistance to gain access to safe and decent housing,” said DHCD Director Jane Wallis Gumble. “I am delighted that our agency is partnering with the WEIR Corporation on a project that will create affordable housing opportunities in the City of Taunton.”
Over the past 20 years, WEIR Corporation has spearheaded the revitalization of the City’s Weir Village neighborhood including the environmental cleanup and revitalization of numerous Brownfield sites, renovation of historic facades, public park development, mixed-use development, and streetscape improvements.
“The WEIR Corporation thanks the Romney Administration and the Department of Housing and Community Development for investing in this community-driven, smart growth initiative that not only creates affordable housing, but also preserves Taunton’s history, develops riverfront open space, and revitalizes an urban neighborhood,” said Teri Bernert, Co-Executive Director, WEIR Corporation.
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