Schochet closes on Devenscrest Village, partnering with state and DCTA to preserve 114 units of affordable housing

Ayer, MA Schochet has competed the acquisition of Devenscrest Village, which, with the support of the Commonwealth of Massachusetts, will extend and maintain long-term affordable housing for the residents of 114 units in 37 separate buildings.

Under the terms of the Affordability Restrictions,79 units will be limited to households earning less than 80% of Area Median income (AMI); 29 units to households earning less than 60% of AMI; and 6 units to households earning less than 50% of AMI. 

After Devenscrest was sold in 2021 to a private developer, sparking concerns that what had been unsubsidized Naturally Occurring Affordable Housing (NOAH) would be converted to full-market rents, the Devenscrest Tenants Association (DCTA) worked with the Executive Office of Housing and Livable Communities (EOHLC), local officials, and community leaders to identify ways to acquire Devenscrest to maintain affordability for current and future residents. Following Request for Proposals sent to multiple developers, DCTA selected Schochet as a developer known for its efforts to preserve affordable housing to allow residents to remain in their homes.

In addition to maintaining affordability, the transaction will provide for DCTA input on operating decisions and give DCTA an option to purchase Devenscrest at the end of a ten-year holding period. Funding from the Town of Ayer will be used to support additional affordability.

“We’ve got to build more homes. This is a great example of what is possible. State funding makes this project work. As a result of state funding, we were able to save 114 homes for Massachusetts families, and that is a big deal for our community,” said governor Maura Healey. 

“MassHousing is pleased to be part of this effort to ensure long-term affordability for the residents at Devenscrest and keep it as an affordable housing resource in Ayer,” said MassHousing CEO Chrystal Kornegay.

The Devenscrest Tenant Association said, “After 4 1/2 years of struggle to save our homes, DCTA is thrilled that our selected affordable housing developer, Schochet, has acquired Devenscrest and will be our partner in preserving it as reasonably priced housing. We are so grateful to governor Healey, secretary Augustus and the EOHLC staff, and the town of Ayer for everything they have done, and we hope that this may inspire other tenants, including those in Naturally Occurring Affordable Housing, to fight to preserve their homes.”

The Massachusetts Law Reform Institute, who represented DCTA in their effort, said, “The preservation of Devenscrest as affordable housing underscores the importance of sustained investment in naturally occurring affordable housing across the Commonwealth. MLRI thanks governor Healey, secretary Augustus and their team, and Devenscrest’s legislators, senator Jamie Eldridge and representative Dan Sena for recognizing this need and securing the resources that enabled us, along with Northeast Legal Aid and our other partners, including Foley Hoag and Goulston & Storrs, to make sure this community could fight to save their homes and their neighborhood, an effort that led to this successful outcome.”

Schochet President and CEO Richard Henken said, “For more than 50 years, our mission at Schochet has been to own and manage communities that are not only affordable but offer a quality of life that people are proud to call home. We are honored to have been selected by DCTA to lead this important preservation effort and are truly grateful to the Governor, the public funders, the myriad of pro-bono lawyers, and our elected officials for their unwavering support to get us to this wonderful result. We are pleased to be able to do our small part to develop solutions to the affordability crisis the Commonwealth faces.”