MassHousing Provides $13.3M in Financing for Affordable Housing Complex in Springfield, Massachusetts

SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.