Bond Preserves Affordable Housing in Holyoke

The Valley Opportunity Council, through its Voces de Esperanza arm, received an $8.5 million tax-exempt bond to buy, renovate, and preserve 37 apartments in Holyoke’s Churchill neighborhood. MassDevelopment partnered with bankESB on the financing and assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $5.7 million in equity for the project. The project preserves and modernizes much-needed housing in the Gateway City of Holyoke.