Holyoke, MA The Community Builders, Inc. (TCB), and the Holyoke Housing Authority (HHA) joined with mayor, Alex Morse, state representative Aaron Vega, congressman Richard Neal and other public officials and community members to break ground at Lyman Terrace in downtown.
This first phase of redevelopment will bring 88 revitalized apartment homes for local families and over 200 construction jobs. Over $24 million in private investment, including equity from the sale of Federal 4% and State Low Income Housing Tax Credits, is helping to fund this first phase of construction. Upon completion of all phases, Lyman Terrace–a mix of rehabilitation and new construction–will include a total of 160 apartments and a new community building.
“We’re proud to partner with the Holyoke Housing Authority for the transformation of Lyman Terrace Apartments. The revitalized homes coupled with recent infrastructure investments will make this community an even better place to live,” said Bart Mitchell, TCB president and CEO.
Revitalization plans include newly-constructed playgrounds and sidewalks for residents and neighbors. Additionally, a new roadway will be created to enhance front door accessibility and to better connect the property to its surrounding downtown.
“We want the ability to see people live work and play in Holyoke,” said representative Vega.
“Housing is a key component of our city’s renaissance,” said mayor Morse. “It’s a very proud day for us and the people that live at Lyman Terrace.”
The transformation of Lyman Terrace complements other public-private investment underway: the expansion of the downtown Canalwalk, development of new market rate apartments, and creation of a new culinary workforce training center at Holyoke Community College. The Lyman Terrace redevelopment is a central focus of the city’s revitalization plans for downtown.
The development is located in MassDevelopment’s Transformative Development Initiative District for Holyoke.
“The Housing Authority is proud to be part of the Lyman Terrace redevelopment effort. This effort coupled with the many other development activities in the area points to the making of more vibrant downtown.”
“[The people in Holyoke] built this city time and time again. One of the great things that Shakespeare reminded us about urban life is that it’s never really finished. We keep on going because once we reach our potential, our potential simply expands,” said congressman Neal.
The city of Holyoke and the U.S. Department of Housing and Urban Development (HUD) are providing critical financing support. Under the Rental Assistance Demonstration (RAD) program, the HUD Office of Recapitalization worked with the partners to convert the existing public housing operating subsidy to a long-term project-based contract, which provides a more secure funding stream for the project in the coming years.
Additional support and financing was provided by the Massachusetts Department of Housing and Community Development, MassDevelopment, Massachusetts Housing Partnership, MassWorks, TDBank and TD Charitable Foundation, and Boston Capital.