Powdermill Village

Massachusetts

Arranging financing for affordable housing requires both time and creativity. Boston Financial provided both to Peabody Properties, helping it secure financing to renovate its Powdermill Village apartments in Westfield, Massachusetts. Boston Financial remained in the original 2000 partnership for five years after the tax compliance period expired before exiting in 2020. At the same time, it brought new LIHTC investors to the company and helped it assemble the many parties it needed to finance the renovation. As a result, Peabody and its nonprofit partner, Affordable Housing and Services Collaborative (AHSC) are now moving forward, upgrading Powdermill Village while preserving sorely needed affordable housing. Of the 248 apartment homes at Powdermill Village, 50 are supported by the Massachusetts Rental Voucher Program (MRVP) and restricted to households earning up to 50 percent of the area median income (AMI), 184 units are restricted to households earning up to 60 percent of AMI, eight units are restricted to households earning up to 80 percent of AMI, and six units are rented at market rates.