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Millinocket Memorial Library

Millinocket Memorial Library

Millinocket, ME
United States

Millinocket Memorial Library completed renovations in 2020, repositioning itself as a state-of-the-art learning center and a vibrant community hub where other organizations can use the library facilities to provide vital services.

Sponsor
Millinocket Memorial Library
Source
New Markets Tax Credit Financing
Financing Total
$2 million
Impact

With a more attractive and efficient space, which includes a new children’s room and teen space, and with the combination of traditional library services and other programming and community functions, the renovated library can now serve double the number of people.

Community Impact

River Valley Co-op

River Valley Co-op

Easthampton, MA
United States

In 2008, River Valley Co-op completed the construction of its first location in Northampton, MA. Immediately the Co-op energized the area, receiving overwhelming community support and strong consumer demand for its locally sourced produce and food items. River Valley Co-op’s second store is in Easthampton, approximately seven miles south from its Northampton store and well suited to expand the Co-op’s circle of consumers, taking pressure off the operations of the overcrowded Northampton store. The new store will utilize energy efficient systems and green technology that will power 100% of its energy needs. Like the first location, the Easthampton store will be a welcoming community space featuring an extensive variety of locally sourced produce, meat, seafood, dairy, in-house baked goods, and grocery products.

Sponsor
Northampton Community Cooperative Market, Inc.
Source
New Markets Tax Credit Financing
Financing Total
$7.3 million
Impact

River Valley is committed to supporting low-income residents and partnering with local agriculture and food producers - in 2019, the Northampton store purchased over $6 million of produce, meats, cheese, milk, eggs, bread, and other foods directly from local farmers and food businesses, an amount expected to double with the Easthampton store. The organization also operates the Food for All Program, which provides discounts on groceries to customers who are eligible for SNAP, WIC, or SSI.

Healthy Communities

Farm Fresh

Farm Fresh

Providence, RI
United States

Farm Fresh Rhode Island, a nonprofit based in Providence with a mission to connect farmers and consumers and strengthen the local food system, celebrated the opening of its new home, the Food Hub, in September 2020. Located in the Valley neighborhood of Providence, the Food Hub houses Farm Fresh RI’s programs and operations, including a year-round farmers market. Space is also leased to food and farm-related small businesses, and the site includes a half-acre of publicly accessible greenspace featuring beautiful sustainable, native plantings.

Sponsor
Farm Fresh
Source
New Markets Tax Credit Financing
Financing Total
$4.85 million
Impact

Farm Fresh Rhode Island was founded in 2004 and it has continued to grow and play an important role in growing and strengthening the regional food infrastructure.

Healthy Communities

Swift Factory

Swift Factory

Hartford, MA
United States

Swift Factory, formerly M. Swift & Sons Gold Leaf Factory, opened in the fall of 2020 after a 10-year community engagement, fundraising, planning and construction effort. Historically a major employer in Northeast Hartford, Swift Factory is now a vibrant neighborhood hub for employment, local entrepreneurship, and community services. 

Sponsor
Community Solutions International
Source
New Markets Tax Credit Financing
Financing Total
$11.2 million
Impact

The development is in the poorest neighborhood in Hartford and one of the lowest-income communities in the country, beset by high unemployment and poverty, low education levels, poor health, and lack of fresh foods and services most people take for granted. For that reason, the City of Hartford considered the Swift Factory restoration to be the centerpiece of its larger plan for transforming this area.

Healthy Communities

Holtzer Park

Holtzer Park

Boston, MA
United States

Holtzer Park will offer 62 new affordable rental apartments to the Jamaica Plain/Roxbury neighborhoods of Boston. The project is part of the multi-phased masterplan to construct three new affordable housing buildings and redevelop 125 Amory Street, an existing affordable senior housing complex with 199 homes.

Sponsor
Urban Edge Housing Corporation
Source
LIHTC Financing
Financing Total
$11.3 million
Impact

Affordable housing creation.

Affordable Housing

Yarmouth Gardens

Yarmouth Gardens

Yarmouth, MA
United States

Located on Main Street in Yarmouth, the construction site contained an obsolete motel which was demolished. When complete, the Residences at Yarmouth Gardens will be a pair of new two-story buildings, offset from each other and oriented perpendicular to Route 28 so only the narrowest façade faces the street. The buildings are designed to be highly efficient in use of energy and water. The property will also include a new bus shelter, a small playground, covered bicycle racks, and patio space at the rear of the property. When complete, there will a 7.6% increase in affordable housing available in the town.

Sponsor
Commonwealth Community Developers
Source
LIHTC Financing
Financing Total
$7,100,000
Impact

Yarmouth, one of the most desirable real estate markets in MA, is located Mid Cape, considered the commercial and industrial center of the region. This development is the result of a local effort to upgrade substandard properties to make year-round residency on the Cape attractive and affordable.

Affordable Housing

Mason Square Apartments II

Mason Square Apartments II

Springfield, MA
United States

Two vacant historic buildings – the Indian Motorcycle Manufacturing Company and the Mason Square Firehouse – were rehabilitated to create 60 new affordable rental apartments in the Mason Square area of Springfield, MA. MHIC long-time partner First Resource Company converted the 55,000-square-foot manufacturing building into 45 apartments, and the former fire station contains 15 apartments.

Sponsor
First Resource Development Company
Source
Loan
Financing Total
$16,100,000

Affordable Housing

210 Broadway

210 Broadway

Chelsea, MA
United States

Through an increase of $655,000 to an existing predevelopment loan from MHIC, The Neighborhood Developers, Inc. (TND) will cover costs associated with consolidating the 210 Broadway property with several other developments in Chelsea, MA, collectively known as the Chelsea Homes I/Broadway project.

Sponsor
The Neighborhood Developers, Inc.
Source
CMF Affordable Housing Fund
Financing Total
$655,000
Impact

In 2017, MHIC provided financing to TND to purchase 210 Broadway as part of a larger plan to combine multiple properties into one LIHTC transaction. It was MHIC’s first loan from the CMF Affordable Housing Fund. The property is on the main thoroughfare that runs through the Chelsea Square historic district. The increase will be used to fund architecture, engineering, legal and environmental costs incurred prior to the closing of the Chelsea Homes I/ Broadway project.

Community Impact

Community Servings

Community Servings

Boston, MA
United States

Community Servings, a Jamaica Plain-based nonprofit, tripled its capacity through renovations to its existing building and a major addition. In 2020, MHIC provided Community Servings with a $3.25 million loan to prepay a higher interest loan, saving $400,000 in debt service payments that can now be invested in programs and serve as a buffer against impacts to operating revenues or expenses due to COVID-19.

Sponsor
Community Servings
Source
Loan
Financing Total
$3,250,000
Impact

Community Servings was founded in 1990 to provide home delivered meals to individuals living with HIV/AIDS. It is the only organization of its kind in New England. Currently, the nonprofit prepares and delivers annually 650,000 made-from scratch, medically tailored meals to over 2,000 chronically ill clients and their families, in over 20 cities and towns in MA and RI using more than 57,000 pounds of produce that is donated each year by local farms and purveyors. Community Servings also hosts more than 600 volunteers each month who assist in the preparation and packaging of meals delivered to those in need.

Community Impact