FALL RIVER – MassHousing announced last week a $2 million loan commitment for the purchase and rehabilitation of the historic Wampanoag Mill in Fall River into affordable senior rental housing.
MassHousing has committed to $1.1 million in taxable permanent financing and $900,000 in Priority Development Fund financing for the project, which received final city approval in February.
Previously converted into a shopping center, shuttered stores will provide the space for the mixed-income apartments.
The Wampanoag Mill, to be renamed Curtain Lofts, will contain 97 apartments for residents older than 55 on its 2.3-acre lot. Sixty-three of these apartments are projected to be affordable, while the remaining 34 are to be rented at market rates.
The historic, five-story stone building will also contain an on-site management office, a tenant lounge, a function room, and exercise and laundry facilities.
The project, headed by WinnDevelopment of Boston, will utilize Leadership in Energy and Environmental Design standards and modern interiors but stay within a historically sensitive design scheme, WinnDevelopment said.
“The mill building has a long history of commercial and industrial use and that legacy will be a part of its revitalization into quality affordable housing for seniors in Fall River,” said MassHousing Executive Director Thomas Gleason.
The team will include contractor Keith Construction of Stoughton, Mass., the Architectural Team Inc. of Chelsea, Mass., and management agent, WinnResidential of Boston, a sector of WinnCompanies.
Other funding sources are the Massachusetts Department of Housing and Community Development, the city of Fall River and Bank of America.
