Affordable Housing Apartments in GB Becoming a Reality
In a press release sent to WSBS, the Community Development Corporation of South Berkshire (CDCSB) has closed on the purchase of an eight-acre site located at 910 South Main Street in Great Barrington with plans to build 40-50 affordable apartments. The site has approximately two acres along Route 7 designated for development and is located in an area that was recently rezoned for use as a 40-R Smart Growth Overlay District (SGOD) which encourages high-density affordable housing.
“The need for affordable housing in the southern Berkshires runs very deep and this project is another step forward in meeting this need,” said CDCSB’s executive director, Tim Geller. “It’s also an excellent opportunity for CDCSB to help realize the town’s priority for building affordable housing in the newly-designated 40-R district.”
Acquisition financing is being provided by The Life Initiative (TLI) and Way Finders, Inc.. TLI is a $100 million dollar community investment fund created in 1999 by Massachusetts-based life insurance companies that has invested over $300 million in affordable housing development, commercial properties, businesses and community facilities in the last 10 years. Way Finders is also a co-sponsor with CDCSB on the project. Way Finders, formerly HAP Housing, provides a full range of housing services as well as being a major developer and manager of high quality affordable housing throughout western Massachusetts.
Pre-development financing is being provided by the Community Economic Development Assistance Corporation (CEDAC). CEDAC is a public-private community development finance institution that provides financial resources and technical expertise for community-based and other non-profit organizations engaged in effective community development in Massachusetts. This funding enables CDCSB to advance the project into permitting in preparation for the state funding applications due February 2019.
CDCSB is a nonprofit organization dedicated to creating job opportunities, promoting economic development, and building low-moderate income housing in south Berkshire County. In collaboration with other like-minded organizations, CDCSB has built over 60 housing units and leveraged over $19 million in private and public funding.
As a nonprofit organization, CDCSB actively seeks support for its many ongoing projects and programs. To make a donation or for further information about CDCSB, go here or call 413-528-7788.