Developments > Water Mill Apartments
This project involved the adaptive reuse of a 58,000-square-foot former paper mill on a 1.45-acre parcel of land to create one-, two-, three- and four-bedroom housing units, in addition to a management office, community and program space, a play area and parking. The building features green development to reduce utility costs and enhance the quality of life for the residents. All 40 units are affordable to households at or below 60% of the Area Median Income (AMI) and 8 units, which will be subsidized by Section 8 vouchers, are available to households at or below 30% of AMI. MHIC’s equity investment is being used for the purchase of federal low-income housing tax credits and federal historic tax credits.
Water Mill Apartments
Project at a Glance:
Location:
Leominster
Development Type:
Rental
Project Type:
Adaptive reuse of historic mill
MHIC Financing:
$7,839,904 in LIHTC financing
Sponsor:
NewVue Communities
Number of Units:
40
This project involved the adaptive reuse of a 58,000-square-foot former paper mill on a 1.45-acre parcel of land to create one-, two-, three- and four-bedroom housing units, in addition to a management office, community and program space, a play area and parking. The building features green development to reduce utility costs and enhance the quality of life for the residents. All 40 units are affordable to households at or below 60% of the Area Median Income (AMI) and 8 units, which will be subsidized by Section 8 vouchers, are available to households at or below 30% of AMI. MHIC’s equity investment is being used for the purchase of federal low-income housing tax credits and federal historic tax credits.