By Tom Farmer
Corporate Communications, MassHousing
The Village of Turners Falls in the town of Montague was once known as "Power Town" for its hydropower generated by harnessing the rapids of the Connecticut River. The similarly-named 82-unit family and elderly apartment community reflects that heritage.
Now, thanks to an infusion not of hydropower but of $6.9 million of low-cost financing from MassHousing the Power Town Apartments will be renovated and low-income renters will continue to have affordable rents.
Power Turner Falls Limited Partnership, the property owner and an affiliate of Silver Street Development Corp., has acquired the property and assumed the existing Section 8 Housing Assistance Payment (HAP) contract which extends the affordability.
"Preserving existing affordable housing is as important as building new housing, but these transactions are complex," said MassHousing Executive Director Thomas R. Gleason. "However, MassHousing has the expertise and the commitment to its borrowers to get the job done, and in the end it is the residents and the community that benefit the most."
The 10 buildings that make up the development were originally built between the 1890s and 1920s and were renovated into affordable housing in 1983. Of the 81 resident apartments, 34 are designated for elderly residents and 47 are not restricted as to tenancy.
Property improvements will include accessibility upgrades, maintenance or repair of historic features, window replacement as well as installation of high-efficiency condensing boilers, new fire alarm controls and kitchen and bathroom upgrades.
Chris Poulin, a founding principal at Silver Street Development had this to say about the transaction: "Power Town Apartments is yet another successful example of our strong partnerships with top tier partners like MassHousing and Boston Financial, the low-income housing tax credit investor. Such collaborations allow us to transform good places into better ones and preserve communities for low income residents. To many on the outside these are unseen relationships that create housing opportunities for residents. Our many thanks to the dedicated staff at MassHousing and Boston Financial for quickly and efficiently closing on this complex financing structure that will have long lasting benefit for the 82 households who call this property home."