Silver Street Development is proud to announce the acquisition of Power Town Apartments, is 82-unit Section 8 property located within the Turners Falls Historic District in the Town of Montague, MA. The property is comprised of 10 residential buildings and all of the buildings were originally constructed in the late 1800s to early 1900s. The property was redeveloped in 1983 via a historic rehabilitation.
Silver Street Development acquired the property via a 4% LIHTC execution utilizing tax-exempt financing from the Massachusetts Housing Finance Agency and LIHTC equity from Boston Financial. The property’s 20-year project-based Section 8 contract will allow the property to provide long-term affordable housing to the local community. Silver Street Development will complete a $4 million substantial renovation of the property including updating/replacing unit and common amenities, energy efficient upgrades to the heating and hot water systems, new Energy Star appliances and fixtures, new doors and windows, new kitchen and bathroom finishes, and other exterior improvements.
The Power Town Apartments is Silver Street Development’s second acquisition in the State of Massachusetts in the past 60 days.