NORTHAMPTON, Mass. (WWLP) – The Valley Community Development is investing $19 million to turn the former Northampton Lumber Company property into 55 affordable housing units and commercial space.
“So the majority of the units are affordable to people who earn between 50 and 60 percent of the median income, which means about $25,000 to $50,000 in income, based on household size,” said Joanne Campbell, Executive Director of Valley Community Development.
The project will house 55 families, one to three bedrooms apartments on four floors.
Twelve of those apartments will be for people earning 30 percent of the median income or less.
“So that’s for really low income households,” Campbell told 22News.
On Wednesday, more than 50 people gathered at the site, which is part of a larger project to revitalize the Pleasant Street Corridor, which is considered the gateway to downtown Northampton.
The city has invested a half a million dollars in the project.
“We’ve also invested significant grant money to do infrastructure work along the corridor, specifically moving storm water that affects this project,” said Northampton Mayor David Narkewicz.
Northampton has also built new raised crosswalks and curb extensions. The state invested $2.5 million of tax money in that project.
“It has a multiple benefit of providing affordable housing for the community, bringing some market rate housing to the community and also rehabbing a vacant space that has been kind of hoovering over the community,” said Jay Ash, Secretary of Housing and Economic Development.
The state provided the bulk of financing.
The entire project is expected to take about 18 months.