Lee Housing Project Gets $1.8M in State Funds
LEE, Mass. — Berkshire Housing Development Corp. has received $1.8 million in state housing grants for the rehabilitation of 51-59 Main St.The Lee project, in the planning process for several years, was the only Berkshire County development to receive some of the $64.5 million in state and federal housing subsidies announced by the governor's office on Monday.
Berkshire Housing purchased the property from the Consolati family in August for $635,000 as Berkshire Main LLC. The purchase was made possible through a bridge loan of $700,000 from Community Economic Development Assistance Corp.
The bridge loan is expected to be paid back with the state housing grant; the rest of the $2.7 million project will be funded through another grant and private loans.
The building's 16 apartments on its two upper floors will be renovated and maintained as affordable housing. The commercial space on the first floor will continue as is.
The mixed-use project is expected to create 15 jobs.
"I am proud to support public-private partnerships that advance construction projects across Massachusetts, put people to work and contribute to the economic vitality of our communities," said Gov. Deval Patrick in statement. "We want Massachusetts to be a place where people put down roots, raise their families and do business, and that's why expanding affordable housing opportunities remains a top priority."
The developments will create or preserve 1,071 rental units, 977 of which will be affordable to low and moderate income working families and individuals, including approximately 190 for families and individuals transitioning from homelessness. Funding from Monday's announcement will also support projects in: Acton, Arlington, Beverly, Boston, Cambridge, Chicopee, Danvers, Gloucester, Lunenburg, Mashpee, New Bedford, Somerville, Springfield and Worcester.
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