BROCKTON, MASS. — Massachusetts Housing Finance Agency (MassHousing) has provided $50 million for the first phase of redevelopment at the Campello Apartments campus in Brockton, approximately 24 miles south of Boston. The total project cost is $115.3 million. The distressed public housing community was built in 1972. In the first of three redevelopment phases, a new seven-story, 144-unit building will be constructed.
The overall plan calls for the demolition of one single-story and two high-rise buildings, which currently include 398 public housing units. The demolished buildings will be replaced with three new buildings containing 400 units. The general contractor is Shawmut Construction, the architect is BWA Architecture, and the management agent is the Brockton Housing Authority. A development timeline was not disclosed.
Construction of the 144 Phase I units is subsidized with project-based Section 8 vouchers. Thirty-six units will be restricted to households earning up to 30 percent of area median income (AMI), and an additional 36 units will be capped at 50 percent AMI. The remaining 72 units will be reserved for households earning up to 60 percent AMI.
MassHousing is providing $28.2 million in permanent financing, $20.7 million in tax credit bridge financing and $1 million in capital magnet fund financing. Phase I financing also includes $2.2 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Executive Office of Housing and Livable Communities (EOHLC); $7.4 million in direct support from EOHLC; $43.9 million in federal and state Low-Income Housing Tax Credits allocated by EOHLC; $10.8 million in Brockton Housing Authority loan financing; and $1 million in Brockton HOME funds. The tax credit syndicator is The Richman Group, and the construction lender is Santander Bank.