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Affordable Housing Program – Initiatives Approved
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Location: Danielson, Connecticut
Member: Putnam Bank
Sponsor: Habitat for Humanity of Eastern Connecticut
Units: 1 homeownership unit
Subsidy: $25,000 grant
72 Mechanic Street Killingly HFHECT

Rehabilitation of a donated single-family property to create a homeownership opportunity for a low-income first-time homebuyer. Rehabilitation of the property will include energy-efficiency measures and surface storm water management. The homeowner will provide over 200 hours of sweat equity and benefit from a 35-year mortgage at zero percent interest. Putnam Bank will provide a construction line of credit. Approved in the 2014 AHP.


Location: Danielson, Connecticut
Member: Liberty Bank
Sponsor: Women's Institute Realty of Connecticut, Inc.
Units: 25 rental units
Subsidy: $907,248 grant and subsidy, $1 million advance
Mill at Killingly Apartments

Redevelopment of a former brownfield site to create a mixed-income development, including 25 units for very low-income households. Twelve will be set aside for formerly homeless households, and another seven will be market-rate. The project will be located on a bus route that connects residents to employment, shopping, medical, and other community services, and residents will benefit from employment training, job placement, and other services. In addition to the AHP grant, Liberty Bank will provide an AHP-subsidized advance. Other funding sources include the Connecticut Department of Housing, Brownfields funds, and Low Income Housing Tax Credits. Approved in the 2014 AHP.


Location: Hartford, Connecticut
Member: Webster Bank, N.A.
Sponsor: Mutual Housing Association of Greater Hartford, Inc.
Units: 37 rental units
Subsidy: $500,000 grant
Summit Park

Acquisition and rehabilitation of a mixed-use, scattered-site development to create apartments for families, seniors, and people with special needs with incomes at or below 50 and 60 percent of area median income. Each structure will be renovated to historical standards and incorporate energy-efficient features. Webster Bank, N.A. will provide construction financing and purchase the Federal Low Income Housing Tax Credits and Historic Tax Credits. Other financing includes funds from the City of Hartford and equity through a deferred developer's fee. Approved in the 2014 AHP.


Location: Norwich, Connecticut
Member: Dime Bank
Sponsor: Habitat for Humanity of Eastern Connecticut
Units: 1 homeownership unit
Subsidy: $25,000 grant
6 Clairmont Court, Norwich

Extensive rehabilitation of a donated, single-family house to create a first-time homeownership opportunity for a very low-income family. The family will contribute 400 hours of sweat equity and will benefit from homeownership counseling. Dime Bank will provide a construction line of credit, and the sponsor will make a zero percent, 30-year term mortgage to the homebuyer. Approved in the 2014 AHP.


Location: New London, Connecticut
Member: Liberty Bank
Sponsor: Habitat for Humanity of Eastern Connecticut
Units: 1 homeownership unit
Subsidy: $25,000 grant
43 Summer Street, New London

Construction of a single-family home damaged from a fire, foreclosed and donated by the Bank of America Real Estate Owned program. The sponsor will demolish the existing structure, build a new home on the lot, and provide the residents homeownership readiness services. The AHP subsidy will be used toward construction, and Liberty Bank will provide a six-month construction line of credit. Approved in the 2014 AHP.


Location: Old Saybrook, Connecticut
Member: Essex Savings Bank
Sponsor: Elderly Housing Development Corp of Old Saybrook
Units: 9 rental units
Subsidy: $880,776 grant and subsidy, $935,000 advance
Saybrook Village South

Construction of one-bedroom units of mixed-income, rental housing for low-income seniors. The project will be comprised of three wood-frame, vinyl-sided two-story buildings designed to blend into the existing Saybrook Village campus, which includes 50 units of senior housing in two existing projects. Funding sources include the Connecticut Department of Housing, a seller note, and a deferred developer fee. Essex Savings Bank will provide construction financing and a permanent loan through an AHP-subsidized advance. Approved in the 2014 AHP.


Location: Stamford, Connecticut
Member: First County Bank
Sponsor: Shelter for the Homeless, Inc.
Units: 14 rental units
Subsidy: $696,268 grant and subsidy, $703,389 advance
Lighthouse I

Acquisition of two abandoned properties to create single-resident-occupancy units of permanent affordable housing for formerly and chronically homeless residents with incomes at or below 50 percent of the area median income. A full range of social services will be available to the tenants, including services focusing on workforce readiness and health care. First County Bank will provide permanent financing through an AHP-subsidized advance. Other funding sources are expected to include state and local funding. Approved in the 2014 AHP.


Location: Willimantic, Connecticut
Member: Savings Institute Bank and Trust Company
Sponsor: Northeastern Connecticut Community Development Corporation, Inc.
Units: 16 rental units
Subsidy: $825,797 grant and subsidy, $800,000 advance
699 Main Street

Acquisition and rehabilitation of a historic, vacant building to create a mix of one- and two-bedroom apartments for very low- and low-income, and market-rate residents as well as ground floor commercial space. The building was acquired from a private developer for less than 50 percent of market value. The apartments are designed to use less water and be energy efficient, and residents will benefit from workforce development services, including skills development and job placement. Savings Institute Bank and Trust will provide construction financing and the permanent loan through the AHP-subsidized advance. Other funding includes Connecticut CHAMP funding and tax credit equity Approved in the 2014 AHP.


Location: Bar Harbor, Maine
Member: Camden National Bank
Sponsor: Community Housing of Maine, Inc.
Units: 6 rental units
Subsidy: $300,000 grant
Parish House Apartments

Acquisition and rehabilitation of the historic St. Saviour's Episcopal Church parish house to create apartments for low-income adults with intellectual and developmental disabilities. St. Saviour Parish donated the property, and residents will benefit from employment training, job placement, and extensive individualized service plans. Camden National Bank will provide construction and historic credit bridge loans. Other permanent funding includes grants and state and federal Historic Tax Credits. Approved in the 2014 AHP.


Location: Brunswick, Maine
Member: Bath Savings Institution
Sponsor: Habitat for Humanity/7 Rivers Maine
Units: 4 homeownership units
Subsidy: $110,000 grant
Hope Lane Subdivision

Construction of single-family homes for families earning at or below 50, 60, and 80 percent of area median income. The families will benefit from first-time homebuyer counseling, financial planning, and sweat equity, and the homes will be built with many energy-saving features. Bath Savings Institution will provide a construction line of credit to the project and permanent mortgage financing to the homebuyers. The balance of permanent funding will be through USDA Rural Development mortgages and sponsor equity. Approved in the 2014 AHP.


Location: Old Orchard Beach, Maine
Member: Bank of Maine
Sponsor: Oceanview Manor, Inc.
Units: 58 rental units
Subsidy: $500,000 grant
Oceanview Manor, Inc.

Rehabilitation of elderly housing for residents with incomes at or below 50 and 60 percent of the area median income. The buildings will be upgraded to improve livability and energy efficiency, and through a partnership with Southern Maine Agency for Aging, residents will be offered a self-sufficiency program. The sponsor will provide on-site healthcare services. The Bank of Maine will provide a $600,000 permanent loan to the project. Low Income Housing Tax Credits are the majority funder, and other funding sources include Home Funds and existing project reserves. Approved in the 2014 AHP.


Location: Portland, Maine
Member: Gorham Savings Bank
Sponsor: Avesta Housing Development Corporation
Units: 30 rental units
Subsidy: $851,369 grant and subsidy, $871,698 advance
Bishop Street Apartments

Construction of energy-efficient units for very low- to low-income chronically homeless individuals. Maine's "Housing First" model provides individuals with permanent housing and addresses needs such as mental health, physical health, addiction, and employment. On-site healthcare and other services will be provided. Gorham Bank is providing construction financing and permanent financing through the AHP-subsidized advance, and other funding includes Low Income Housing Tax Credit equity. Approved in the 2014 AHP.


Location: Portland, Maine
Member: Norway Savings Bank
Sponsor: Avesta Housing Development Corporation
Units: 34 rental units
Subsidy: $949,362 grant and subsidy, $1,264,127 advance
73 Powsland Street

New construction to create 34 energy-efficient, affordable rental apartments for seniors aged 55 years and older. The development will serve households with incomes at or below 50 and 60 percent of area median income. Residents will be offered a variety of health care and financial services. Norway Savings Bank will provide permanent financing through the AHP-subsidized advance, and other financing includes Federal Low Income Housing Tax Credits. Approved in the 2014 AHP.


Location: Presque Isle, Maine
Member: Bangor Savings Bank
Sponsor: Aroostook Band of Micmacs
Units: 40 rental units
Subsidy: $350,000 grant
Micmac LIHTC Revitalization Project #1

Rehabilitation to preserve 40 apartments in the Bon-Aire housing development located on the Aroostook Band of the Micmacs' trust land. The homes are currently occupied by families and tenants with household incomes at or below 50 and 60 percent of area median income, and residents will benefit from workforce- and homeownership-readiness services, including GED, ESL, and financial planning. Bangor Savings Bank will provide a construction loan, with permanent financing anticipated to include Low Income Housing Tax Credits, sponsor-provided financing, and the AHP grant, which will be used for construction and rehabilitation. Approved in the 2014 AHP.


Location: Westbrook, Maine
Member: Gorham Savings Bank
Sponsor: Westbrook Development Corporation
Units: 38 rental units
Subsidy: $823,663 grant and subsidy, $1,200,000 advance
Mill Brook Estates Phase II

Construction of energy-efficient, one-bedroom units for very low- to low-income households and individuals aged 55 and older, including eight units set aside for formerly homeless individuals. Residents will have access to a variety of services, including health care and money-management training. Gorham Savings Bank is providing construction financing and permanent financing through the AHP-subsidized advance, and other funding comes from Maine State Housing and Low Income Housing Tax Credits. Approved in the 2014 AHP.


Location: Yarmouth, Maine
Member: Bath Savings Institution
Sponsor: Avesta Housing Development Corporation, Yarmouth Senior Housing, Inc.
Units: 28 rental units
Subsidy: $957,602 grant and subsidy, $1,123,647 advance
Bartlett Circle Two

New construction to create one- and two-bedroom apartments for seniors with incomes at or below 60 percent of area median income. Residents will be provided a variety of on-site services, including health care and economic self-sufficiency workshops. The project will be funded with permanent financing from Bath Savings Institution, Low Income Housing Tax Credits, and the AHP grant. Approved in the 2014 AHP.


Location: Attleboro, Massachusetts
Member: Bristol County Savings Bank
Sponsor: Kennedy-Donovan Center, Inc.
Units: 10 rental units
Subsidy: $389,973 grant and subsidy, $390,000 advance
KDC 2014 Redevelopment Project

Acquisition and rehabilitation of two multifamily properties to create 10 energy-efficient units of rental housing for very low-income residents with developmental disabilities in need of supportive housing. Residents will benefit from transportation services and a highly individualized self-sufficiency program that promotes independent living. Bristol County Savings Bank is providing the permanent financing through the AHP-subsidized advance. Sponsor equity is being provided as other permanent funding. Approved in the 2014 AHP.


Location: Ayer, Massachusetts
Member: Leominster Credit Union
Sponsor: Habitat for Humanity North Central Massachusetts, Inc.
Units: 1 homeownership unit
Subsidy: $29,285 grant
76 Central Ave Ayer, MA

Creation of a three-bedroom condominium unit. The duplex Cape-style home will be targeted to a family earning at or below 60 percent of the area median income. The property will be donated by the town and is located within a mile of the commuter rail, shops, and restaurants. Habitat for Humanity of North Central Massachusetts will be providing homeownership counseling and training on the legal aspects of a condominium association. The AHP grant will be used for construction, and Leominster Credit Union will provide a construction line of credit. Approved in the 2014 AHP.


Location: Beverly, Massachusetts
Member: Eastern Bank
Sponsor: Harborlight Community Partners, Inc.
Units: 30 rental units
Subsidy: $500,000 grant
Harborlight House

Recapitalization, rehabilitation, and reconfiguration of an existing assisted living residence to accommodate elders with mobility impairments, expand the common areas, and make additional improvements. The 30 apartments will remain affordable for elderly households with incomes below 60 percent of area median income, and residents will benefit from comprehensive self-sufficiency and health care services. Eastern Bank will contribute capital to the project by purchasing Low Income Housing Tax Credits. Other funding sources include subordinate state debt, local town funding, and developer cash equity, as well as the assumption of existing debt. Approved in the 2014 AHP.


Location: Billerica, Massachusetts
Member: Enterprise Bank and Trust Company
Sponsor: Habitat for Humanity of Greater Lowell
Units: 1 homeownership unit
Subsidy: $28,000 grant
Friendship St, Billerica

Construction of an energy-efficient, single-family home for a low-income family. The property was foreclosed and donated by the city. The building of the home will involve the Veterans Critical Repair program. The family will benefit from counseling to prepare them for the responsibilities of homeownership and will be given leadership opportunities within the Habitat organization. Enterprise Bank and Trust Company will provide a construction line of credit, and other permanent funding includes sponsor equity. Approved in the 2014 AHP.


Location: Boston, Massachusetts
Member: Eastern Bank
Sponsor: Planning Office for Urban Affairs
Units: 38 rental units
Subsidy: $617,538 grant and subsidy, $775,000 advance
48 Boylston Rehab

Acquisition and rehabilitation of the historic Young Men's Christian Union Building to create 38 energy-efficient rental apartments for very low- and low-income residents. This adaptive reuse preserves a Boston relic, and will provide much needed affordable housing in a high-rent area. Residents will benefit from many supportive services, including job training and re-education, on-site health care services, and substance abuse counseling. Eastern Bank will provide permanent financing through the AHP-subsidized advance, and other permanent financing comes from the City of Boston, Low Income Housing Tax Credits, and the Massachusetts Department of Housing and Community Development funding. Approved in the 2014 AHP.


Location: Boston, Massachusetts
Member: Eastern Bank
Sponsor: Planning Office for Urban Affairs
Units: 50 rental units
Subsidy: $660,478 grant and subsidy, $1,275,000 advance
48 Boylston New Construction

Construction of a mix of studio, one-, two- and three-bedroom units for very low- and low-income households and homeless families and individuals. The property has been owned by Boston Young Men's Christian Union for the past 150 years, and the initiative will be one of three condominiums in a new 138-unit, 14-story apartment tower that will expand affordable workforce housing and create a total of 48 homeless units. Residents will benefit from health care and workforce-readiness services. Financing sources include Low Income Housing Tax Credits, the Massachusetts Department of Housing and Community Development, and the City of Boston. In addition to the AHP grant, Eastern Bank will provide permanent financing using an AHP-subsidized advance. Approved in the 2014 AHP.


Location: Burlington, Massachusetts
Member: Boston Private Bank & Trust Company
Sponsor: Northeast Arc, Inc.
Units: 8 rental units
Subsidy: $557,473 grant and subsidy, $832,000 advance
Burlington II

Acquisition and construction to create eight energy-efficient rental apartments for low-income individuals with physical and intellectual disabilities and complex medical needs. Residents will benefit from extensive supportive services, including on-site nursing and medication management. Boston Private Bank & Trust Company will provide construction financing and permanent financing through the AHP-subsidized advance. Other permanent funding comes from Massachusetts Community Economic Development Assistance Corporation funding. Approved in the 2014 AHP.


Location: Fall River, Massachusetts
Member: BayCoast Bank, Mechanics' Co-Operative Bank, St. Anne's Credit Union of Fall River, Fall River Five Cents Savings Bank, Bristol County Savings Bank
Sponsor: Steppingstone, Inc.
Units: 50 rental units
Subsidy: $691,827 grant and subsidy, $699,016 advance
The First Step Inn Initiative

Acquisition and rehabilitation of two buildings to create 50 units of emergency and transitional housing for extremely low-income and chronically homeless individuals. This is the result of a partnership, led by BayCoast Bank, among local government, business, and nonprofit leaders to respond to the rising homeless crisis in Fall River. The foreclosed property will be acquired at half of the appraised value. The sponsor will offer on-site healthcare, mental health, and substance abuse counseling, and GED, ESOL, and employment-readiness services will also be provided. BayCoast Bank will provide construction financing and the permanent loan funded with the AHP-subsidized advance. Other funding includes participating member financial institutions and foundation grants. Approved in the 2014 AHP.


Location: Hanover, Massachusetts
Member: Rockland Trust Company
Sponsor: Planning Office for Urban Affairs
Units: 37 rental units
Subsidy: $500,000 grant
Kennedy Building Apartments

Acquisition and rehabilitation of the historic Kennedy Building on the Cardinal Cushing Campus to create 37 affordable units for households below 60 percent of area median income. Residents will benefit from a variety of services, including employment training, job placement, daycare, and afterschool programs. The AHP grant will be used for construction, Rockland Trust will provide permanent financing, and other funding includes Historic and Low Income Housing Tax Credits. Approved in the 2014 AHP.


Location: North Dartmouth, Massachusetts
Member: BayCoast Bank
Sponsor: Dartmouth Housing Authority
Units: 9 rental units
Subsidy: $500,000 grant
O'Connor-Sisson House

Construction and rehabilitation of a state police barracks to create nine energy-efficient rental apartments for very low-income, homeless veterans. Residents will be provided job training, job placement, and a variety of health care services. The Dartmouth Housing Authority will also provide housing vouchers to assist residents with their rent. The Commonwealth of Massachusetts donated the property. BayCoast Bank is providing a construction line of credit, and other permanent funding includes Commonwealth of Massachusetts Housing Trust Funds and other grants. Approved in the 2014 AHP.


Location: Roxbury, Massachusetts
Member: Eastern Bank
Sponsor: Nuestra Comunidad Development Corporation
Units: 32 rental units
Subsidy: $711,567 grant and subsidy, $1,395,000 advance
Bartlett Place Building B - LIHTC Project

Construction on the site of a brownfield and former bus yard to create affordable rental apartments for extremely low- and very low-income households. This six-story building is planned for commercial space and parking on the ground floor, apartments on the upper floors, and a large plaza with additional parking in the back. Residents will benefit from homeownership-readiness and resident-leadership services provided by the sponsor, which has strong ties of community engagement. AHP funds will be used for acquisition and construction, as well as some soft costs. Eastern Bank will provide permanent financing with an AHP-subsidized advance. Approved in the 2014 AHP.


Location: Roxbury, Massachusetts
Member: Boston Private Bank & Trust Company
Sponsor: Elizabeth Stone House
Units: 27 rental units
Subsidy: $677,052 grant and subsidy, $1,000,000 advance
Washington Westminster House

Construction of a mixed-use, four-story building to create one-, two-, three-, and four-bedroom apartments for extremely low-income, homeless households. The development is close to public transportation and will be constructed to maximize energy efficiency and long-term sustainability. Residents will benefit from supportive services, including case management, counseling, job training, and educational opportunities. Boston Private Bank & Trust Company will provide construction financing and the permanent loan through the AHP-subsidized advance. Other financing comes from Federal Low Income Housing Tax Credits, the Massachusetts Department of Housing and Community Development, and Boston Neighborhood Housing Trust Funds. Approved in the 2014 AHP.


Location: Salisbury, Massachusetts
Member: Newburyport Five Cents Savings Bank
Sponsor: Turning Point, Inc.
Units: 10 rental units
Subsidy: $348,701 grant and subsidy, $433,688 advance
Denrael

New construction of six units, combined with four existing units, that will serve very low-income individuals with developmental disabilities in a group home setting. Residents will benefit from self-sufficiency and healthcare services. Newburyport Five Cents Savings Bank will provide construction financing and the permanent loan through the AHP-subsidized advance. Other financing includes Salisbury Housing Trust Funds and Facilities Consolidation Funds from the Massachusetts Department of Housing and Community Development. Approved in the 2014 AHP.


Location: Salisbury, Massachusetts
Member: Institution for Savings in Newburyport and its Vicinity
Sponsor: Young Women's Christian Association of Newburyport
Units: 42 rental units
Subsidy: $945,396 grant and subsidy, $1,093,672 advance
The Residences at Salisbury Square

Acquisition, historic rehabilitation, and construction to create energy-efficient rental apartments for extremely low- and very low-income households, including the homeless and disabled. Residents will benefit from employment training, GED, daycare services, and afterschool options. The Institution for Savings in Newburyport and its Vicinity is providing construction financing, and the permanent loan will be funded with the AHP-subsidized advance. Low Income Housing Tax Credits will provide the majority of the funding. Other funding includes the North Shore Home Consortium, Housing Innovation and Stabilization fund, and the Salisbury Affordable Housing Trust. Approved in the 2014 AHP.


Location: Spencer, Massachusetts
Member: People's United Bank
Sponsor: South Middlesex Opportunity Council, Inc.
Units: 42 rental units
Subsidy: $671,679 grant and subsidy, $990,000 advance
Bixby Road Spencer

Construction of service-enriched housing for extremely low- and low-income families, as part of the town's master plan to address the need for permanent housing for the under-housed and homeless families of Worcester County. Residents will benefit from intensive services including workforce-readiness and self-sufficiency programs. The town will waive a sewer connection fee of up to $75,000, and the project will be funded by Low Income Housing Tax Credits, the Life Initiative, and other state sources. People's United Bank will provide an AHP grant and a permanent loan using an AHP-subsidized advance. Approved in the 2014 AHP.


Location: Springfield, Massachusetts
Member: Westfield Bank
Sponsor: Spring Meadow Association of Responsible Tenants, Inc. (SMART)
Units: 262 rental units
Subsidy: $500,000 grant
Spring Meadow Apartments

Recapitalization and rehabilitation of affordable rental homes for very low- to low-income households in 44 buildings. Originally built and funded through the HUD 236 program in the early 1970s, and renovated with AHP funding in the mid-1990s, the property will remain owned and operated by the tenant-controlled nonprofit corporation. Exterior and interior renovations will incorporate energy-efficiency improvements. The sponsor will provide a summer youth jobs program and operate a technology center on-site. Westfield Bank will provide construction and permanent financing, and existing project reserves will fund the balance of the improvements. Approved in the 2014 AHP.


Location: Stoughton, Massachusetts
Member: Middlesex Savings Bank
Sponsor: United Cerebral Palsy Association of MetroBoston, Inc.
Units: 4 rental units
Subsidy: $219,100 grant
Plain Drive ? Stoughton, MA

Acquisition/turnkey initiative to create energy-efficient, handicapped-accessible units for extremely low-income residents who have suffered traumatic brain injury. This initiative will provide support services such as transportation, skills training, medication management, and on-site nursing services that will enable residents to reside safely outside of an institutional setting. Middlesex Savings Bank will provide a bridge loan and permanent financing. Approved in the 2014 AHP.


Location: Tewksbury, Massachusetts
Member: Eastern Bank
Sponsor: Habitat for Humanity of Greater Lowell
Units: 1 homeownership unit
Subsidy: $219,100 grant
$28,000 grant

Construction of a single-family home on land donated by the town for a first-time homebuyer family earning below 60 percent of area median income. The home will meet LEED standards, and students from Shawsheen Technical High School will perform some of the work along with the homebuyers, who will provide sweat equity. Eastern Bank will provide a line of credit for construction. Additional sources of financing include donated labor and materials, sponsor fundraising, and the buyer's down payment. Habitat will be providing a 15-year, zero-percent mortgage. Approved in the 2014 AHP.


Location: Vineyard Haven, Massachusetts
Member: Edgartown National Bank
Sponsor: Island Housing Trust Corporation
Units: 6 rental units
Subsidy: $291,436 grant
Village Court ? Rental Housing Project

Acquisition and rehabilitation of apartments for very low- to low-income households. Martha's Vineyard's need for affordable housing is critical, given its reliance on tourism, the many second homes that limit permanent housing options, and its high rent costs in a service-based economy. The town has provided Community Preservation Act funding and permitting through the Chapter 40B Comprehensive Permit process. Edgartown National Bank will provide the construction and permanent financing. Community Preservation Act funding from the neighboring towns of Edgartown, West Tisbury, and Chilmark plus grants from the Cape Light Compact and the Low Income Energy Affordability Network comprise the remaining funding. Approved in the 2014 AHP.


Location: Hanover, New Hampshire
Member: Mascoma Savings Bank, FSB
Sponsor: Twin Pines Housing Trust
Units: 15 rental units
Subsidy: $366,645 grant and subsidy, $409,195 advance
Gile Hill Apartments Phase II (GHAP2)

Acquisition and construction of 15 apartments for households with incomes at or below 50 and 60 percent of the area median income. This is the fourth and final building/phase of a broader, 10-year initiative to create a mixed-income community. Mascoma Savings Bank, FSB will provide the permanent debt through the AHP-subsidized advance. Federal Low Income Housing Tax Credit equity and state and local funding make up the majority of the remaining funding. Approved in the 2014 AHP.


Location: Keene, New Hampshire
Member: People's United Bank
Sponsor: Southwestern Community Services, Inc. (SCS)
Units: 26 rental units
Subsidy: $295,000 grant
Westmill Senior

Acquisition and construction of housing development for seniors with incomes at or below 60 percent of the area median income. The City of Keene supports the project and will complete sidewalk and street improvements to provide better access for residents. People's United Bank will provide construction financing and Low Income Housing Tax Credit equity. Low Income Housing Tax Credit equity is the primary funding source. Other funding sources include New Hampshire Housing and New Hampshire Community and Development Finance Authority funds. Approved in the 2014 AHP.


Location: Manchester, New Hampshire
Member: Citizens Bank, N.A.
Sponsor: Manchester Housing and Redevelopment Authority
Units: 20 rental units
Subsidy: $285,755 grant and subsidy, $275,000 advance
South Main Supported Apartments

Acquisition and construction to create energy-efficient, one-bedroom units for very low-income, formerly homeless residents. The project is designed to foster independence, with each resident having their own private entryway and outdoor space. Residents will have access to transportation, a formal self-sufficiency program, and counseling. Citizens Bank, N.A. will provide construction financing and permanent debt through the AHP-subsidized advance. Other funding includes Manchester HOME funds and Low Income Housing Tax Credit equity. Approved in the 2014 AHP.


Location: Rochester, New Hampshire
Member: Profile Bank, FSB
Sponsor: 17 Glenwood Avenue, LLC, Housing Authority of the City of Rochester
Units: 24 rental units
Subsidy: $720,000 grant and subsidy, $720,000 advance
Glenwood Manor

Construction of one-bedroom apartments for the elderly with incomes at or below 50 and 60 percent of the area median income on a foreclosed property. The Rochester Housing Authority will provide self-sufficiency services in partnership with Homemakers Health Services. AHP subsidy funds will be used toward construction, construction contingency, and acquisition. Profile Bank, FSB will provide permanent financing for the project in the form of a construction loan and an AHP-subsidized advance. Additional funding is expected to include Low Income Housing Tax Credits and other state funds. Approved in the 2014 AHP.


Location: Middletown, Rhode Island
Member: BankNewport
Sponsor: Lucy's Hearth
Units: 15 rental units
Subsidy: $500,000 grant
Lucy's Hearth New Facility and Expansion

Acquisition and rehabilitation to reconfigure an existing building into energy-efficient transitional apartments for very low-income, homeless households. Supportive services include family self-sufficiency programming, employment training, transportation services, and GED classes. BankNewport is providing construction and permanent financing. The sponsor's capital campaign and a portion of federal Health and Human Services funding will fund the non-residential space. Additional funding comes from federal CDBG and HOME funds and a state grant. Approved in the 2014 AHP.


Location: Pawtucket, Rhode Island
Member: Bank Rhode Island
Sponsor: Omni Development Corporation, Pawtucket Housing Authority, and Winn Development Company Limited Partnership
Units: 209 rental units
Subsidy: $500,000 grant
Prospect Heights Phase 1

Financial restructuring, construction, and rehabilitation to preserve housing for low-income households. In addition to Low Income Housing Tax Credits and other grants, this initiative has applied for the Department of Housing and Urban Development's Rental Assistance Demonstration Program. Bank Rhode Island will provide construction financing. Other financing includes Low Income Housing Tax Credits, CDBG funding, HOME funding, and sponsor equity. Approved in the 2014 AHP.


Location: Pawtucket, Rhode Island
Member: Bank Rhode Island
Sponsor: Omni Development Corporation, Pawtucket Housing Authority, and Winn Development Company Limited Partnership
Units: 209 rental units
Subsidy: $500,000 grant
Prospect Heights Phase 2

Financial restructuring, construction, and rehabilitation to preserve housing for low-income households. In addition to Low Income Housing Tax Credits and other grants, this initiative has applied for the Department of Housing and Urban Development's Rental Assistance Demonstration Program. Bank Rhode Island will provide construction financing. Other financing includes Low Income Housing Tax Credits, CDBG funding, HOME funding, and sponsor equity. Approved in the 2014 AHP.


Location: Providence, Rhode Island
Member: Coastway Community Bankand
Sponsor: Women's Development Corporation, Riverwood Mental Health Services
Units: 51 rental units
Subsidy: $500,000 grant
Dean Street Studios

Rehabilitation to preserve 51 units of supportive housing for chronically homeless individuals. Housing First Rhode Island will provide a variety of services for the residents, including counseling, GED education, and employment training and placement. Coastway Community Bank is providing financing via a construction loan. Low Income Housing Tax Credit equity, Building Homes Rhode Island, and city and state CDBG and HOME grants provide the balance of the funding. Approved in the 2014 AHP.


Location: Providence, Rhode Island
Member: Bank Rhode Island
Sponsor: Stop Wasting Abandoned Property (SWAP)
Units: 46 rental units
Subsidy: $500,000 grant
Revitalize SouthSide

Rehabilitation of 27 existing affordable apartments and construction of additional units for very low- to low-income households. This initiative will refinance and preserve 27 affordable units that risk falling into disrepair or converting to market-rate housing. As part of the new construction phase, this project will develop community space and two commercial units. The scope of work will also enhance the livability and energy-efficient operations of the development. Bank Rhode Island is providing construction financing and new Low Income Housing Tax Credit equity is the primary funding source, with additional sources including Building Homes Rhode Island and state grant funds, federal CDBG, and existing project reserves. Approved in the 2014 AHP.


Location: Bennington, Vermont
Member: People's United Bank
Sponsor: Shires Housing, Inc.
Units: 23 rental units
Subsidy: $602,874 grant and subsidy, $266,878 advance
Bennington Historic Rehabilitation Project

Rehabilitation to preserve rental housing for very low- to low-income families. The exterior and interior rehabilitation will improve the energy efficiency and useful life of the apartments. The sponsor will also provide financial literacy training, mental health counseling, and case management. Peoples United Bank will provide the permanent financing through the AHP-subsidized advance and by purchasing some of the Low Income Housing Tax Credits. Equity generated from the sale of Low Income Housing Tax Credits and federal historic and state tax credits will be the primary funding source. Additional grant funding will come from the Vermont Housing and Conservation Board, CDBG, and state HOME funds. Approved in the 2014 AHP.


Location: Burlington, Vermont
Member: Merchants Bank
Sponsor: Housing Vermont, Committee on Temporary Shelter
Units: 14 rental units
Subsidy: $400,000 grant
95 North Avenue

Rehabilitation of a former Burlington College building to create energy-efficient housing for individuals at risk of homelessness, along with supportive services and office space. Supportive services for residents and other COTS clients include workforce readiness, transportation, and financial literacy training. Merchants Bank is providing construction financing and investing in the Low Income Housing Tax Credits, as well as extending permanent financing to the commercial. non-AHP component of the property. Sponsor equity, tax credit equity, and funding from the City of Burlington are expected to make up the balance of funding. Approved in the 2014 AHP.


Location: Hinesburg, Vermont
Member: People's United Bank
Sponsor: Cathedral Square Corporation, Housing Vermont
Units: 24 rental units
Subsidy: $300,000 grant
Kelley's Field

Acquisition and rehabilitation to preserve affordable senior housing for 15 very low- and nine low-income senior households. The rehabilitation will include substantial energy-efficiency and accessibility improvements, and residents will benefit from health care services to enable residents to age in place. In addition to the AHP grant, People's United Bank will make a direct tax credit equity investment in the Low Income Housing Tax Credits. Other funding sources include Vermont Housing and Conservation Board, Vermont Housing Finance Agency, CDBG, and HOME. Approved in the 2014 AHP.


Location: Melbourne, Florida
Member: Boston Private Bank & Trust Company
Sponsor: Preservation of Affordable Housing, Inc.
Units: 191 rental units
Subsidy: $997,662 grant and subsidy, $1,400,000 advance
Trinity Towers West

Preservation of 192 units of energy-efficient, affordable, senior housing originally constructed in 1971. The development, which will serve low- and very low-income households, will be a mix of studio and one-bedroom apartments. Residents will benefit from a variety of training, on-site primary care services, and fitness programs. Financing includes permanent financing from Boston Private Bank & Trust Company, including an AHP-subsidized advance and Low Income Housing Tax Credits. Approved in the 2014 AHP.


Location: Albany, New York
Member: Citizens Bank, N.A.
Sponsor: WinnDevelopment Company Limited Partnership, Albany Housing Authority
Units: 103 rental units
Subsidy: $454,329 grant
Livingston Apartments

Rehabilitation and adaptive reuse of a former school to create 103 energy-efficient, mixed-income residential units for elderly households. Currently on the National Historic Register, the building will provide a mix of studios, one- and two-bedroom apartments, and amenities including fitness, wellness, and entertainment facilities. The sponsor and other local organizations will provide self-sufficiency and healthcare services. Citizens Bank, N.A. is providing permanent financing to the project by participating in the project equity and extending a construction loan. State and city funding, Low Income Housing and Historic Tax Credit equity, and the AHP grant make up the balance of funding. Approved in the 2014 AHP.


Location: Philadelphia, Pennsylvania
Member: Citizens Bank, N.A.
Sponsor: New Kensington Community Development Corporation
Units: 51 rental units
Subsidy: $500,000 grant
Orinoka Mills Civic House

Rehabilitation of an abandoned textile mill donated by the city to create 51 energy-efficient, rental apartments for low-income residents. Residents will benefit from homeownership counseling, energy education, and opportunities to participate on the resident council or board of directors. Citizens Bank N.A. will provide construction financing, and other funding comes from the City of Philadelphia, Low Income Housing Tax Credits, and sponsor equity. Approved in the 2014 AHP.





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