Home City Development Wins State Funding for Elias Brookings Apartments
Home City Development Inc. (HCDI), a Springfield-based affordable-housing development organization, was awarded resources from the Department of Housing and Community Development (DHCD) to adapt and rehabilitate the former Elias Brookings School into 42 affordable rental housing units, to be known as Elias Brookings Apartments. The award includes $1 million in low-income housing tax credits (to generate more than $9 million in equity), $4.4 million of soft debt, and project-based rental vouchers. Other funds for the project include state and federal historic tax credits, city of Springfield HOME and Community Preservation Act funds, and construction and permanent loans. MassHousing will provide the permanent first mortgage loan and a subordinate workforce-housing loan. HCDI plans to begin construction in early 2021 and complete the work in 12 months.