Great Barrington, MA — January 18, 2019 —The Federal Home Loan Bank of Boston (FHLB) has awarded the Community Development Corporation of South Berkshire (CDCSB) a $932,487 grant for Bentley Apartments at 100 Bridge Street, Great Barrington. The award will be made through FHLB member Berkshire Bank and will support both the construction and the ongoing operations of the $17.5 million project. The FHLB award includes a $500,000 direct subsidy to be used for construction and $432,487 to subsidize the interest rate on the permanent mortgage.
“Budgets for affordable housing are always extremely stressed. This wonderful support from Berkshire Bank and FHLB will make an enormous difference in the success of the project,” said Tim Geller, Executive Director of CDCSB. “The need for affordable housing in Great Barrington and the entire southern Berkshire region is very deep and Bentley Apartments is a major step forward in meeting that need.”
The Bentley Apartment complex represents phase one of the CDCSB’s ongoing plans for 100 Bridge Street to create much needed affordable homes and a boost for economic growth in Great Barrington. It will build 45 new affordable rental units and simultaneously remediate the entire 8-acre site along the Housatonic River in downtown Great Barrington. The new units will include one, two, and three-bedroom apartments for families with incomes of up to $49,000, offering rental apartments at significantly lower than market-rates.
In July 2018, the Massachusetts Department of Housing and Community Development (DHCD) awarded approximately $15.3 million for Bentley Apartments. Construction and remediation are expected to begin in the summer of 2019. The CDCSB’s co-sponsor for the project is Berkshire Housing Development Corporation and the other development team members are Dietz and Company Architects, Inc. in Springfield, MA and MBL Housing and Development in Amherst, MA.
The CDCSB is a nonprofit organization dedicated to creating job opportunities, promoting economic development, and building low-moderate income housing in the southern Berkshires. In collaboration with other local organizations, CDCSB has helped build over 60 affordable housing units, leveraged over $36 million in private and public funding for south Berkshire County and has a current development pipeline of 94 new affordable housing units.
As a nonprofit organization, the CDCSB actively seeks support for its many ongoing projects and programs. To make a donation or for further information about the CDCSB, please visit cdcsb.org or call 413-528-7788.