HOLYOKE — An affordable housing project slated for construction near the Holyoke Public Library has received the last piece of financing needed to proceed.
Massachusetts Housing Investment Corp., or MHIC, has provided $23 million toward the Library Commons project — a 38-unit, multifamily rental complex to be located on Chestnut and Elm streets. The housing complex is being developed by the affordable housing nonprofit Way Finders, formerly HAPHousing, and involves rehabilitating two vacant buildings, demolishing a building and constructing another on the property.
“After much planning and investment from our staff, partners and the community, Way Finders is thrilled to be bringing these beautiful buildings back to life and to be contributing to the continued revitalization of downtown Holyoke,” Way Finders President and CEO Peter Gagliardi said in a statement.
The support from MHIC comes in the form of a $10.4 million low-income housing tax credit and a $12.6 million construction loan.
In addition, the project has received $4.8 million from the state’s Department of Housing and Community Development, $1 million from the Community Economic Development Assistance Corp. in the form of acquisition and pre-development financing, a $550,000 loan from the Massachusetts Housing Partnership and $400,000 from the city.
Located downtown, the project will feature 940-square-feet of retail space, community facilities, an art gallery and an outdoor play area.
According to MHIC’s statement, Way Finders has said it intends to rent up to 10 apartments to participants in the Roque House supportive services program run by The Care Center, an alternative educational program for young mothers in the city.
Library Commons is slated for completion in August 2020.
Dusty Christensen can be reached at dchristensen@gazettenet.com.