BOSTON – July 19, 2023 – MassHousing is providing $16.3 million in affordable housing financing to Pennrose, LLC for the development of the 49-unit Littleton Drive Family and the 44-unit Littleton Drive Senior, which combined will create 93 new affordable apartment homes for families and seniors in Wareham.
"MassHousing is pleased to be a partner with Pennrose and the Town of Wareham in developing 93 brand new apartment homes for families and seniors with varying incomes," said MassHousing Executive Director Chrystal Kornegay. "The Town of Wareham’s strong support for this project was instrumental in allowing us to complete this transaction so that Pennrose can begin the development of these exciting new affordable housing communities."
"We commend the Town of Wareham for their leadership in advancing this important project and look forward to helping welcome the project’s future residents to their new, affordable homes," said Charlie Adams, Regional Vice President with Pennrose, LLC.
MassHousing is supporting the development of Littleton Drive Family and Senior with $8.4 million in permanent financing, $6.6 million in bridge loan financing, $1 million from the Agency's Workforce Housing Initiative, and $250,000 in Capital Magnet Fund financing.
The projects received approximately $16.2 million of equity through the allocation of federal Low-Income Housing Tax Credits by the Massachusetts Executive Office of Housing and Livable Communities (EOHLV), $6.6 million in financing from EOHLV, $11.4 million in state tax credit loans through the Massachusetts Housing Investment Corporation (MHIC), $22 million in construction financing from Eastern Bank, $650,000 from the Federal Home Loan Bank of Boston, and $300,00 in Community Preservation Act funding from the Town of Wareham. Hudson Housing Capital LLC is the investor member on both transactions.
The family and senior developments are being financed in two transactions. The 49 family units will be contained in 10 townhome-style buildings, featuring 18 one-bedroom apartments, 25 two-bedroom apartments, and six three-bedroom apartments. Eight of the units will be supported by federal Section 8 subsidy for households earning up to 30 percent of the Area Median Income (AMI), two of the units will be restricted to households earning up to 50 percent of AMI, 29 of the units will be restricted to households earning up to 60 percent of AMI, and 10 will be workforce housing units for households earning up to 90 percent of AMI. The AMI for Wareham is $140,200 for a household of four.
The 44 one-bedroom senior apartments will be contained in a three-story building. Eight of the units will be supported through Section 8 and restricted to residents earning up to 30 percent of AMI, and 36 units will be restricted to households earning up to 60 percent of AMI.
The two housing communities will share a community center, outdoor common space, roadways, and parking space. The new housing is being developed on land owned by the Town of Wareham under Chapter 40B. MassHousing provided planning assistance to the Town of Wareham leading to the redevelopment and transformation of the site, which had sat vacant for decades.
MassHousing has financed eight rental housing communities in Wareham involving 607 housing units and $63.1 million in financing and provided $76.7 million in financing to 594 homebuyers and homeowners in Wareham.
About Pennrose, LLC
With more than 40 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates both conventional and affordable communities throughout the Eastern and Midwestern portion of the United States. For more information about Pennrose, LLC, please visit www.pennrose.com.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $28 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.