The 80-unit Central Grammar Apartments for senior citizens in Gloucester has been given a $9.8 million MassHousing loan to refinance, redevelop and preserve affordability.
The Gloucester Development Team Inc., which owns the Central Grammar Apartments, plans major renovations to the roof, brick exterior, windows, kitchens and bathrooms, according to a statement. The owner will also make some apartments handicapped accessible, convert the building’s heating system from oil to natural gas and make insulation and energy conservation improvements.
Twenty of the 80 apartments are subsidized by a HUD Section 8 Housing Assistance Payment contract administered by the Gloucester Housing Authority. Of the remaining 60 apartments, 56 will be reserved for low-income residents while the remaining four apartments will be rented at market rates. Overall, the affordability at the development will be preserved for 30 years, according to a statement.
The MassHousing financing includes a $6.9 million bridge loan and a $2.9 million permanent construction loan. The project has also been awarded $695,000 from the Affordable Housing Trust Fund, which is administered by MassHousing on behalf of the state Department of Housing and Community Development.
"The Central Grammar Apartments are a valuable affordable housing resource for senior citizens in downtown Gloucester but the development is in need of a makeover," said MassHousing Executive Director Thomas R. Gleason. "This MassHousing financing will allow for a complete renovation of the property and also ensure that it remains affordable to seniors in Gloucester for many years going forward."
Work on the project has started and is expected to be completed by the end of December.
