SUNDERLAND – A recently purchased mixed-income apartment complex near Route 116 has received more than $40 million in funding from MassHousing to help subsidize affordable housing costs.
The independent, quasi-public agency provided a $41.2 million taxable permanent loan — to be amortized over 35 years — to Athens, Georgia-based Landmark Properties, owner of North 116 Flats, the 150-meter apartment complex units located at 653 Amherst Road ( Route 116). The funding will ensure the availability of affordable rental accommodation for Sunderland families and students studying at Amherst. Landmark Properties purchased the apartment complex on March 15, according to MassHousing spokesman Thomas Farmer.
“We are thrilled to offer local citizens and students in the Amherst area a residential property that meets the needs and wants of the community with North 116 Flats,” said Wes Rogers, President and CEO of Landmark. Properties, in a statement. “Landmark is fortunate to partner with the experts at MassHousing to guide affordable housing options for Landmark-owned communities in Sunderland.”
MassHousing, founded in 1966 with the goal of creating affordable housing across the state, raises funds by selling bonds and lending the proceeds to homebuyers looking for homes and developers to encourage construction and development. maintenance of affordable and mixed-income rental housing.
North 116 Flats was created in accordance with state Chapter 40B guidelines, which streamline zoning requirements for developments containing at least 20-25% units with long-term accessibility restrictions, according to the Department of state housing and community development.
“Most Commonwealth communities have more demand for rental and buying accommodation than supply,” Farmer wrote in an email, “and North 116 Flats has brought 150 new apartments to local families and students located in 3 miles north of University of Massachusetts Amherst and along a bus route that serves downtown Amherst and UMass.
The North 116 Flats complex comprises 38 family apartments, which are available to households earning at least 80% of the region’s median income – the median income for a family of four in Sunderland is $82,900 – as well as 112 apartments, containing 329 beds, marketed to students with a rent fixed at the market rate. The resort includes community amenities including a fitness center, grilling stations, and a dog park.