The grand opening of the affordable housing apartment building at 98 Essex Street is a major accomplishment for the city of Haverhill, Massachusetts, located north of Boston. This is a great start to filling the need for affordable housing in the city, a major issue that many cities are encountering in the Commonwealth and across the country. Affordable Housing and Services Collaborative, Inc. re-purposed the former Shoe and Leather building in Haverhill’s historic district into 62 affordable and workforce apartments. Offered for rent are a mix of 15 one-bedroom, 41 two-bedroom and six three-bedroom apartments. Ten percent of units are restricted to those earning 30% or less of the area’s median income. These apartments are available to homeless families through a partnership with New Lease for Homeless Families, an organization that connects property owners with families in need.
The eight-story building includes a community lounge, children’s playroom, fitness center, laundry room and on-site management. The development financing was achieved with a combination of state and federal grants, private construction financing and both federal and state Low-Income Housing Tax Credits (LIHTC) and Historic Tax Credits (HTC). Clocktower Tax Credits, LLC procured the tax credit buyers for the LIHTC and HTC state credit transactions, providing $6 million of much needed equity for construction.
Clocktower is committed to aiding the development of affordable housing and historic rehabilitation in Massachusetts and many other states across the country. We work with experienced Tax Credit buyers who have helped dozens of projects secure vital equity for construction of low-income and adaptive re-use development projects. For information on how we can assist with the financing of your project, please contact Sue Ellyn Idelson at (978) 793-9574 or SIdelson@ClocktowerTC.com.