MassHousing announced last month that it will loan up to $875,000 to an affiliate of EA Fish Companies for the expansion of senior housing at Little Neck Village in Marion from 12 to 48 affordable apartments. The project plans incorporate demolishing the existing 12 apartments located in three buildings and construct the 48 new apartments in four buildings with one building will containing 30 apartments and the three remaining buildings will each contain 6 apartments. There will be 46 one-bedroom apartments and 2 two-bedroom apartments. Of the 48 apartments, 36 will be reserved for residents earning at or below 60 percent of the Area Median Income ($38,160 for a two-person household) while the remaining 12 units – or 25 percent of the total units – will be reserved for residents earning at or below 30 percent of AMI ($19,080 for a two-person household).
“We’re very pleased to be part of a project that will replace 12 outdated affordable apartments for seniors with 48 new affordable units,’’ said MassHousing Executive Director Thomas R. Gleason. “This new development will be an important affordable housing resource for seniors living in the Marion area for many years to come.’’
“We have worked collaboratively with the town of Marion, the Marion Affordable Housing Trust, the local boards and agencies, and the existing Little Neck residents to bring to life their vision for this much needed senior
affordable housing development,’’ said Edward A. Fish, president of EA Fish Companies. “The town of Marion should be commended. They have done a wonderful job. Obtaining MassHousing permanent financing is an important milestone and we appreciate the commitment that the staff and the board of MassHousing have made enabling the project to move forward and we look forward to starting construction.’’
Approximately $6.2 million in equity for the project is expected through the sale of Low-Income Housing Tax Credits. The project anticipates acquiring other funding sources including $250,000 in local Community Preservation Act funds from the town of Marion, state HOME funds, Department of Housing and Community Development Housing Stabilization Funds, and funding from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of DHCD.
