Way Finders Secures $23M In Final Funding For Library Commons In Holyoke
Way Finders will break ground Oct. 24 on Library Commons — 38 affordable, multifamily housing units in the Chestnut Street neighborhood.
Way Finders, a nonprofit developer formerly known as HAP Housing, secured $23 million from the Massachusetts Housing Investment Corporation (MHIC), the final funding needed for the project.
“We are pleased to work with our long-time partner Way Finders to build on the progress made with revitalization the Holyoke Public Library,” stated Joe Flatley, MHIC’s president. “We are confident that new housing opportunities with access to jobs, education and entertainment, will further stabilize the neighborhood and improve the lives of its residents.”
Way Finders plans to rehab two vacant historic buildings near the Holyoke Public Library and demolish a crumbling structure and replace it with a new complex.
“After much planning and investment from our staff, partners, and the community, Way Finders is thrilled to be bringing these beautiful buildings back to life and to be contributing to the continued revitalization of downtown Holyoke,” Peter Gagliardi, Way Finders president and CEO, said in statement.
Besides the $23 million from MHIC, Way Finders garnered $10.4 million in low-incoming housing tax credits, a $12.6 million construction loan, $550,000 from the Massachusetts Housing Partnership and $4.8 million from the Massachusetts Department of Housing and Community Development.
The City of Holyoke contributed $400,000 and the Community Economic Development Assistance Corporation $1 million in predevelopment and acquisition costs.
According to the statement, plans also include 940 square-feet of retail space, a property management office, laundry room, playscape, community rooms, and art gallery. Way Finders will partner with The Care Center’s Roque House for support services and set aside up to ten apartments.
The groundbreaking ceremony is scheduled for Oct. 24, 1 to 3 p.m., at the Holyoke Public Library.
Way Finders will conduct a tour of the parcels following the ceremony.