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Developments > Billings Forge Apartments

Billings Forge Apartments

Project at a Glance:
Development Type:
MHIC Financing:
$1,700,000 in debt financing, $5,754,490 in LIHTC financing
Preservation of Affordable Housing
Number of Units:

This 112-unit housing complex, which also contains a restaurant, café, and non-profit office space, was originally a manufacturing tool plant in the 1800s. Within the 112 units, there are 101 LIHTC Units. MHIC provided a $1.7 million acquisition loan to Preservation of Affordable Housing to ensure that the buildings will receive needed renovations, and that affordability will be preserved for the long term. The previous owner, the Melville Charitable Trust, has made significant investments that improved quality of life for the residents and helped catalyze the resurgence of the Frog Hollow neighborhood. The Trust will retain an interest in the properties as a special limited partner, and will continue to operate the restaurant and Lyceum, a renovated building adjacent to the apartments.