MassHousing in Chicopee, Holyoke & Springfield

In this edition of MassHousing Update, we explore the Agency's work in Chicopee, Holyoke and Springfield, three neighboring Gateway Cities with both common and unique housing challenges.

MassHousing's Impact in Chicopee, Holyoke and Springfield MassHousing provided $7.4 million in financing to support substantial repairs and create 40 new units at Ames Privilege in Chicopee MassHousing has a large presence in Chicopee, Holyoke and Springfield, both in homeownership and multifamily lending. Our current multifamily portfolio in those communities includes 56 developments (six in Chicopee, nine in Holyoke and 41 in Springfield) with a combined 7,046 units, 6,151 of which are affordable. In fact, Springfield has the second most MassHousing-financed rental developments and units in the Commonwealth, trailing only Boston. Lending has also been strong on the HomeOwnership side. Over the last five fiscal years (beginning July 1, 2014), MassHousing has provided a total of $89.4 million in MassHousing mortgage financing to help 613 homebuyers purchase a home in Chicopee, Holyoke or Springfield (176 in Chicopee, 70 in Holyoke and 367 in Springfield).

Development Spotlight: Chestnut Park Apartments, Springfield $50 million in MassHousing financing will help the Related Companies preserve affordability, create workforce units and complete a variety of renovations and modernizations at the 489-unit Chestnut Park Apartments in Springfield.  The financing includes $45 million in tax-exempt financing through the Agency’s Conduit Loan Program and $5 million from MassHousing’s Workforce Housing Initiative .  Read more...

Partner Profile: MHA, Inc. MHA Inc. works to ensure that Western Massachusetts residents have the housing and supportive services they need to live and thrive.  The Springfield-based nonprofit operates 25 residential sites and provides extensive outreach and supported living programs that annually serve more than 600 individuals impacted by mental illness, developmental disabilities, substance abuse and homelessness.  MassHousing and MHA have a long history of partnership.  Read more...

Renter Profile: Jennifer Alleyne, Bay Meadow Apts., Springfield Jennifer Alleyne is a resident of Bay Meadow Apartments, a 148-unit apartment community in Springfield. The development is managed by POAH and received financing from MassHousing to preserve affordability and support property updates.  Jennifer is enrolled in the Compass Family Self-Sufficiency Program, a HUD-supported pilot that provides opportunities for education, job training, counseling and other forms of social service assistance. Read Jennifer's story...

Partnerships Promote Homeownership MassHousing is part of a trio of local partnerships that encourage and enable homeownership opportunities in Chicopee, Holyoke and Springfield. The Buy Chicopee Now, Buy Holyoke Now and Buy Springfield Now programs bring together lenders, real estate agents, local government and businesses to offer affordable loans, down payment and closing cost assistance and other incentives to help homebuyers purchase a property in these communities. Loans are insured by MassHousing and feature MI Plus, a unique borrower protection that helps homeowners pay their mortgage in case of job loss.

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