Funding Awards for New Rental Housing Expand Way Finders’ Impact
Way Finders is pleased to announce that two new Way Finders developments—Rosewood Way in Agawam and Plaza Apartments in South Hadley—have been awarded state funding and will be moving toward construction. They will provide critically needed housing for low- and moderate-income households in our region. Both new construction projects will have a variety of one-, two- and three-bedroom units and will feature on-site property management and other resident services provided by Way Finders.
Governor Charlie Baker and Lieutenant Governor Karyn Polito announced the awards at an event in Lawrence on Thursday, July 15. The two Way Finders projects are among 28 affordable rental housing developments in 21 communities selected by the state Department of Housing and Community Development in this most recent, and very competitive, round of funding awards.
Rosewood Way in Agawam (shown in the rendering above) will provide 62 affordable townhomes through 10 two-story wood framed buildings on a nearly 9-acre vacant parcel. Designed in rowhouse style, the units will encircle a central park-like landscape. Residents will also have access to a shared community building. The site offers easy access to major roadways and is within walking distance of the local high school, a library, a bus stop and more.
Plaza Apartments in South Hadley (depicted in the image below) is a 60-unit apartment building to be developed on a 3-acre site in partnership with South Hadley Plaza LLC. Through this partnership, the Plaza Apartments will leverage an underutilized site—the former Big Y on Newton Street—and bring new housing to an area that has been the focus on the Town of South Hadley’s Newton Street Smart Growth District, as established under Chapter 40R. The building will include a community room and the adjacent green space will have a lawn, benches and tables, and bicycle racks.
Each project’s funding award includes federal and state Low Income Housing Tax Credits (LIHTC) and over $4 million in other state sources. In addition, both projects will receive funding through MassHousing’s Workforce Housing Initiative, which aims to create housing for households whose incomes are too high for the LIHTC program yet are often not able to afford market rents. A portion of units with Section 8 and Massachusetts Rental Voucher Program assistance will enable households at lower incomes to pay just 30% of their income in rent.
With these funding awards, construction on both developments is targeted to start in spring 2022 and is anticipated to be complete in 2023. Approximately six months before construction is complete, Way Finders will start taking applications for each property and will share more information about the selection lottery on our website and via social media.