Developments > Prospect Estates Resyndication
The project involves the historic rehabilitation of two mid-rise multifamily buildings located at 10 and 41 Prospect Street in downtown Webster, MA. The development will preserve 25 units of affordable housing. All 25 units are restricted to households at or below 60% AMI, with 14 units further restricted at 50% AMI, and 4 units restricted at 30% AMI. 18 of the 25 units are supported by project-based Section 8 vouchers. The property is currently owned by Prospect Estates LP, of which AHSC Women’s Housing LLC is the General Partner. The property was last fully rehabilitated in 1998 by Winn Development using MHEF 1997 funds. It was subsequently acquired by the Women’s Institute for Housing and Economic Development (“WIHED”) in 2014, who then sold it to AHSC in 2021 after WIHED dissolved. The project will remain fully occupied during the construction period with tenants remaining in place and only out of their units during work hours.
Prospect Estates Resyndication
Project at a Glance:
Location:
Webster
Development Type:
Rental
Sponsor:
Affordable Housing & Service Collaborative, Inc.
Number of Units:
25
The project involves the historic rehabilitation of two mid-rise multifamily buildings located at 10 and 41 Prospect Street in downtown Webster, MA. The development will preserve 25 units of affordable housing. All 25 units are restricted to households at or below 60% AMI, with 14 units further restricted at 50% AMI, and 4 units restricted at 30% AMI. 18 of the 25 units are supported by project-based Section 8 vouchers. The property is currently owned by Prospect Estates LP, of which AHSC Women’s Housing LLC is the General Partner. The property was last fully rehabilitated in 1998 by Winn Development using MHEF 1997 funds. It was subsequently acquired by the Women’s Institute for Housing and Economic Development (“WIHED”) in 2014, who then sold it to AHSC in 2021 after WIHED dissolved. The project will remain fully occupied during the construction period with tenants remaining in place and only out of their units during work hours.