Woods at Wareham secures $9.1 million for renovations
Residents at the 100-unit Woods at Wareham will see many property improvements in the near future thanks to $9.1 million in MassHousing loans.
Among the improvements planned for the 17 residential buildings on the property are new siding, windows, doors and roofs, as well as porch and stair repairs. There will also be electrical and fire alarm upgrades and boiler replacement as needed.
MassHousing is a quasi-public agency that does not use taxpayer dollars to sustain its operations, although it administers some publicly-funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $17 billion in affordable housing.
The Woods at Wareham is located at 48 Swifts Beach Road. It is owned by Riverview Village Associates in partnership with HallKeen Management.
That ownership group will keep costs down for tenants since they have extended a Section 8 payment contract, which provides tenant-based payment assistance, on 78 of the apartments for another 20 years.
The state Department of Housing and Community Development has approved a new 15-year payment contract for the other 22 apartments under the Moving to Work Initiative.
“The financing we were able to arrange with MassHousing will give new life to Woods at Wareham and enable us to provide much-needed affordable housing to its residents for many years to come,” said David Carlen, president of Norwich Corporation and representative of the River View Associates general partner.