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This work is licensed under a Creative Commons Attribution-NoDerivs 2.5 License.
Random musings from a Midwesterner in Beantown.
Wednesday, June 22, 2005
Somerville Senior Living Community receives grant
The Federal Home Loan Bank of Boston awarded the Visiting Nurses Association and Wainwright Bank & Trust Company a $598,861 grant and a $750,000 advance subsidy to fund a senior living complex in Somerville.
New construction on the site of a formerly abandoned school will create 95 units of service-enriched rental housing for the elderly. Of the 95 units in the new Somerville Senior Living Community, 72 units will serve seniors under 60 percent of area median income and 23 units will be without income restrictions above 80 percent of area median income.
All units will be one-bedroom and handicapped accessible. Common facilities will include kitchen, dining room, country store, beauty salon, library, community room, wellness center, regional workforce development and training center, recreational areas, and spaces for attendant health care and housekeeping staff. The VNA will work closely with the Housing Authority to develop activities for residents.
Wainwright Bank & Trust Company is providing a construction advance of $8.7 million and a $750,000 permanent advance, and AHP funds will be used for acquisition, construction, rehabilitation, and other soft costs.
Congressman Michael Capuano added, "This funding from the Federal Home Loan Bank of Boston and Wainwright Bank will help the Visiting Nurses Association (VNA) complete work on its Senior Living Community in Somerville. This is a worthwhile project, not just because it will increase the city's affordable housing stock, but because it will offer important services for elderly residents, including handicapped accessibility in all units, a wellness center, a library, a workforce development center, and space for attendant health care. Affordable housing for seniors is becoming increasingly scarce in Somerville, and the VNA project will allow more longtime residents to remain in the city."
The funding is part of large award to several projects in Massachusetts. In all, 12 initiatives in New England received more than $14.5 million in grants, loans, and rate subsidies as part of the Bank's Affordable Housing Program (AHP) to create or preserve 361 rental and ownership units for very low-, low-, and moderate-income individuals and families.
For more information, visit http://biz.yahoo.com/prnews/050621/netu031.html?.v=15.
New construction on the site of a formerly abandoned school will create 95 units of service-enriched rental housing for the elderly. Of the 95 units in the new Somerville Senior Living Community, 72 units will serve seniors under 60 percent of area median income and 23 units will be without income restrictions above 80 percent of area median income.
All units will be one-bedroom and handicapped accessible. Common facilities will include kitchen, dining room, country store, beauty salon, library, community room, wellness center, regional workforce development and training center, recreational areas, and spaces for attendant health care and housekeeping staff. The VNA will work closely with the Housing Authority to develop activities for residents.
Wainwright Bank & Trust Company is providing a construction advance of $8.7 million and a $750,000 permanent advance, and AHP funds will be used for acquisition, construction, rehabilitation, and other soft costs.
Congressman Michael Capuano added, "This funding from the Federal Home Loan Bank of Boston and Wainwright Bank will help the Visiting Nurses Association (VNA) complete work on its Senior Living Community in Somerville. This is a worthwhile project, not just because it will increase the city's affordable housing stock, but because it will offer important services for elderly residents, including handicapped accessibility in all units, a wellness center, a library, a workforce development center, and space for attendant health care. Affordable housing for seniors is becoming increasingly scarce in Somerville, and the VNA project will allow more longtime residents to remain in the city."
The funding is part of large award to several projects in Massachusetts. In all, 12 initiatives in New England received more than $14.5 million in grants, loans, and rate subsidies as part of the Bank's Affordable Housing Program (AHP) to create or preserve 361 rental and ownership units for very low-, low-, and moderate-income individuals and families.
For more information, visit http://biz.yahoo.com/prnews/050621/netu031.html?.v=15.
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