Snapshot of ProjectValley
Community
Development
Prospect Place 737 Bridge Road Northampton)
Project Type
o Renovation of existing vacant nursing home (72,000 sf, 6.25 acres)
0 60+ family apartments (studios — 3 -bedroom sizes)
Tenants
o Affordability range 30% -100% AMI
a All units visitable with 6 fully accessible
o Special Populations include CBH (2); FCF/DMH (3); Homeless (8)
Site / Location
o Site Control: Site purchased in March 2022 by LLC (majority owned and controlled by Valley)
o Location: bus stop + bike share on site, near bike path, walk to shopping, schools, park, hospital
o Zoning: 40R approved
Financing
o TDC = $30.8M Net TDC/ unit= $480,000
o Committed: $1,000,000 City of Northampton; $400,000 pre-dev CEDAC, $2,300,000 acquisition
loan CEDAC; $831,000 UPP, $500,000 Climate Ready Grant Pending: $2,080,000 DOER
o Funds Anticipated: MossHousing Workforce Housing, solar tax credits; private funds
o DHCD Funds Requested: 9% L1HTC, MA LIHTC, AHTF, HSF, HIF, CBH, FCF, MRVP, Sec 8, AAHG
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