State funds boost affordable housing projects in region
By James Pentland
Published: 01-22-2024 7:01 PM
NORTHAMPTON — Affordable housing projects in 19 communities, including Northampton, South Hadley and Holyoke, will benefit from subsidies and tax credits announced Monday by Gov. Maura Healey.
Area projects approved for funding are Prospect Place, a former nursing home on Bridge Road in Northampton, Plaza Apartments in South Hadley, and Library Commons 2.
The money comes from subsidies and the Low-Income Housing Tax Credit program, which saw a $20 million increase in the tax package Healey signed in October.
Northampton
Prospect Place, a $30 million project to redevelop a vacant and blighted former nursing home to create 60 affordable apartments for families, including homeless families, is being overseen by Northampton’s Valley Community Development.
“We are thrilled that, with the commonwealth’s support, this property will add desperately needed affordable apartments and all-electric systems powered by geothermal and photovoltaics.” Alexis Breiteneicher, Valley CDC’s executive director, said in a statement.
“Geothermal has untapped potential for housing of all forms and we hope our project can catalyze new ways to look at climate readiness,” project manager Bill Womeldorf said.
The 6.2-acre former Northampton Rehabilitation and Nursing Center at 737 Bridge Road was purchased in April 2021 for $1.9 million by the Pointer Fund and Pointer Development, based in Miami and run by Amalfi Gayosso, a UMass Amherst alumna with ties to Northampton. The development group then partnered with Valley CDC to form a joint venture called Prospect Place Owner LLC.
