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MassDevelopment Provides $9M For Affordable Pittsfield Apartments

Jul 29, 2015 | Reprints | Unlock Link | Print

Pittsfield April Lane LLC will use $9 million in MassDevelopment funds for the acquisition and renovation of an apartment complex in Pittsfield.

The organization plans renovate and preserve all 100 units as affordable to households earning no more than 60 percent of area median income with the $1.1 million taxable and $7.9 million tax-exempt bonds, purchased by Bank of America.

The 45-year old Dalton Apartments are located at 51 April Lane and consist of 11 buildings containing 28 one-bedroom units, 44 two-bedroom units and 28 three-bedroom units.

The developers plan to replace roofs, windows, furnaces, hot water tanks, kitchens, appliances, floors and lights, while creating five handicapped-accessible units.

In addition to the tax-exempt bond, MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided approximately $3.2 million in equity.

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