Rosewood Way Townhomes in Agawam, Massachusetts

MassHousing Provides $5.2 Million to Develop Rosewood Way Townhomes in Agawam, Massachusetts

by Channing Hamilton

AGAWAM, MASS. — Way Finders has secured $5.2 million in affordable housing financing from MassHousing to develop Rosewood Way Townhomes in Agawam. The project will offer 62 apartments across 10 townhome-style buildings. Units will come in one-, two- and three-bedroom floor plans.

Eight units will be affordable to households earning at or below 30 percent of the area median income (AMI), 12 units to households earning up to 50 percent of AMI, 27 to households earning up to 60 percent of AMI, 10 will be workforce housing units for households earning up to 80 percent of AMI and five units will be unrestricted. Way Finders expects to complete the community in August 2024.

MassHousing provided a $3.7 million permanent loan, $1 million from the firm’s Workforce Housing Initiative and $500,000 in Capital Magnet Fund financing. Other financing sources for the project include $17 in Low-Income Housing Tax Credits from the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), $3.4 million in direct support from EOHLC, $1 million from the Affordable Housing Trust Fund and $749,000 from the Massachusetts Department of Mental Health. TD Bank is providing construction financing. The Massachusetts Housing Investment Corporation is the tax credit syndicator and investor.

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