ORANGE — New roofing, walkways and repaved driveways — kitchen and bathroom upgrades — and improved accessibility are all part of an upcoming renovation project at two of the town’s affordable housing communities.
The adjacent complexes King James Court and Pine Crest, located off East River Street, will be combined into a single entity, King Pine, as part of the project, made possible with an $11.6 contribution from MassHousing announced this week.
“This transaction is going to provide long term affordability and stability for seniors and lower-income families in Orange,” said MassHousing Executive Director Chrystal Kornegay.
The total $11.6 million is being provided to the nonprofit Retirement Housing Foundation to carry out the project. The Schochet Companies, which manages the property, is providing development consultancy for the project. The contractor will be Keith Construction.
King Pine will feature 234 units primarily intended for households earning at or below 60 percent of the Area Median Income, according to MassHousing spokesman Tom Farmer. In Orange, the AMI for a family of four is $74,800.
Of the units, 138 are one-bedroom apartments, 72 are two-bedroom apartments, 18 are three-bedroom apartments and six are four-bedroom apartments. And 148 are supported by federal Section 8 Housing Assistance Payment contracts, and 45 apartments are supported by the Massachusetts Rental Voucher Program.
Another funding source is $1.7 million from the Massachusetts Department of Housing and Community Development.
“We are so grateful for all of the support that MassHousing and DHCD have provided to preserve and improve this critical affordable housing asset,” said Dr. Laverne R. Joseph, RHF’s president and CEO.
Joseph added that the project will “dramatically improve the quality of life for our residents and ensure the properties can be maintained in good order for the long term.”
The King Pine project follows a $72 million state effort announced in 2017 to create, renovate and preserve 2,000 housing units across Massachusetts.
MassHousing, since its inception in 1966, has managed several state housing development programs. It is an independent company, but was created by an act of the state’s Legislature and is charged with increasing affordable housing in the state.
MassHousing funding comes from the sale of federally authorized, tax-exempt and taxable bonds to investors. MassHousing then provides loans to borrowers “at attractive rates and terms, making the housing we finance more affordable to low- and moderate-income households. Investors in MassHousing bonds receive a return on their investment that is supported by the monthly mortgage payments made by our borrowers,” according to a MassHousing statement.
Reach David McLellan at dmclellan@recorder.com or 413-772-0261, ext. 268.