Leyden Woods in Greenfield was built in 1973 and looks every bit like a 42-year old apartment community. But that is changing quickly, thanks to a MassHousing-financed rehabilitation using prefabricated components that are transforming the neighborhood almost overnight.
Outdated structures are being demolished and replaced with modular, prefabricated sections that will sit atop existing foundations. MassHousing is providing $53 million in financing for the redevelopment project.
"It's amazing to see how they are delivering and installing this new modular housing that when completed, will provide a brand new home for the families,” said MassHousing Executive Director Tom Gleason, who attended a recent groundbreaking event at the site.
Leyden Woods is owned by an affiliate of The Community Builders (TCB). TCB is using the MassHousing financing to completely replace the 200 apartments on the 44-acre property.
The MassHousing loan provides two distinct benefits. The apartments will be new and the rents will remain at their current affordable levels, thanks to TCB's agreement to extend the Section 8 Housing Assistance Payment (HAP) contract on 181 of the units for 20 more years.
The general contractor, Delphi Construction, is coordinating with a modular subcontractor to construct 49 new modular buildings off site. The new housing will be more energy efficient and accessible for residents with disabilities.
MassHousing's financing includes a $26.2 million construction and permanent loan, a $24.7 million bridge loan and a $2.1 million second mortgage loan. Other financing sources for the $79 million transaction included state Low Income Housing Tax Credits, funds from the state Department of Housing and Community Development (DHCD), TCB financing, a MassSave grant and a City of Greenfield infrastructure grant.
The architect is Davis Square Architects and the management agent is The Community Builders.