Lyman Terrace Apartments - Holyoke, MA

Holyoke, MA The Community Builders, Inc. (TCB), a leading nonprofit developer of mixed-income housing and the Holyoke Housing Authority (HHA) have been awarded competitive state resources from the Department of Housing and Community Development (DHCD) for the preservation and redevelopment of 88 units of affordable housing in the first phase of the development of Lyman Terrace apartments. Upon completion, all 160 units will be revitalized. The Lyman Terrace public housing development is in one of the commonwealth’s Gateway Cities. Massachusetts governor Charlie Baker, DHCD undersecretary Chrystal Kornegay, and other public officials joined Holyoke mayor Alex Morse and community members to celebrate the financial award at Lyman Terrace Apartments.

“The City of Holyoke, the Holyoke Housing Authority and TCB are excited about what the award of tax credits today means to the community at Lyman Terrace and to the Holyoke downtown area. This award is the culmination of years of planning and represents an opportunity to make Lyman Terrace a vibrant part of the ongoing exciting transformation of the City core. Thanks to the governor’s office, DHCD, the Lyman Terrace advisory committee, the mayor’s office and the planning department we have taken the first step today in what is going to be an amazing success,” said Matthew Mainville, HHA’s executive director.

“TCB is proud to partner with the Holyoke Housing Authority, the city of Holyoke, governor Baker and the Department of Housing and Community Development for the revitalization of Lyman Terrace. The preservation and transformation of Lyman Terrace – made possible with this award – is just one of many exciting investments in Center City Holyoke and ensures that Lyman Terrace families will have quality housing,” said Bart Mitchell, TCB president and CEO.

In addition to the state award, the city of Holyoke, Holyoke Housing Authority, and the U.S. Department of Housing and Urban Development (HUD) are providing critical financing support, which will also ensure the long-term affordability of the housing. HHA and HUD will convert the existing public housing operating subsidy to a long-term project-based contract using the HHA’s Moving To Work status. The conversion will provide a more secure funding stream for the project in the coming years.

The transformation of Lyman Terrace—a mix of rehabilitation and new construction—has been a decade in the making with deep, unwavering support from its residents. The funding will support TCB’s plans to significantly improve existing buildings, revamp unit layouts and site design and add a new community building. The first phase of development will include 88 renovated apartments, newly-constructed playgrounds and green space for residents and neighbors to enjoy. Additionally, a new throughway will be created to better connect residents to the downtown area and prompt additional investment.

Lyman Terrace is just blocks away from the newly-completed Holyoke Transportation Center, a state-of the-art education and transportation facility, the passenger rail station on Dwight St. just completed last month and the Massachusetts Green High Performance Computing Center, a $168 million public/private partnership of investment in the city. The Lyman Terrace redevelopment is a central focus of the city’s revitalization plans for downtown. The development was included in Holyoke’s recently awarded Transformative Development Initiative plan.

The Community Builders, Inc. (TCB) is one of America’s leading nonprofit real estate developers and owners. Their mission is to build and sustain strong communities where people of all incomes can achieve their full potential. They realize their mission by developing, financing and operating high-quality housing and implementing neighborhood-based models that drive economic opportunity for their residents. Since 1964, they have constructed or preserved hundreds of affordable and mixed-income housing developments and secured billions of dollars in project financing from public and private sources. Today, they own or manage 11,000 apartments in 14 states. They are headquartered in Boston with regional hubs in Chicago and Washington, D.C.