Woodland Cove I, III – 2021
Financing Closes for Final Phase of Massachusetts Project
MassHousing commits $8.5 million to the Wareham development.
MassHousing has closed on $8.5 million in financing for a 63-unit affordable housing development in Wareham, Massachusetts.
The financing will support the final phase of the Woodland Cove development by Dakota Partners.
Overall, the firm is creating 150 mixed-income apartments at the 8-acre site. Two other phases are under construction.
“MassHousing is pleased to be part of this multiphase development that is creating new, affordable homes for households with a range of incomes who will be able to live, work, and thrive in Wareham,” said executive director Chrystal Kornegay. “We congratulate Dakota Partners on starting the final phase of this exciting new housing community and are pleased to be their partner in this important work of creating housing and economic opportunity for the Woodland Cove residents.”
MassHousing is providing Dakota Properties with a $7.8 million permanent loan and $700,000 from the agency’s Workforce Housing Initiative. Other financing sources include $11 million from the allocation of federal and state low-income housing tax credits, $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD), and approximately $2 million in direct support from DHCD.
“Woodland Cove, which is being designed and constructed as passive house, will fill a critical void of affordable housing in Wareham and provide safe and comfortable homes to individuals and families who might otherwise be priced out of the area,” said Dakota Partners principal, Roberto Arista. “Dakota is proud to be working with MassHousing again to create much-needed affordable housing in Massachusetts that delivers on our mission to create housing that matters to residents, the community, and the environment.”
The latest component of the project, known as phase 2, will involve the demolition of the former Starlight Motel and the development of 63 affordable rental homes in three- and four-story buildings. There will be 11 one-, 45 two-, and seven three-bedroom apartments.
Eight apartments will be supported by a federal Section 8 Housing Assistance Payment contract, serving households earning up to 30% of the area median income (AMI). An additional apartment will be supported by the Massachusetts Rental Voucher Program for a household earning up to 30% of the AMI, 47 apartments will be restricted to households earning up to 60% of the AMI, and there will be seven workforce housing apartments for households earning up to 80% of the AMI. The AMI for Wareham is $140,200 for a household of four.
The general contractor will be Dakota Partners, the architect is Ed Wojcik Architect, and the management agent will be Maloney Properties.
Article Credit: Affordable Housing Finance