Mary D. Stone School project awarded critical state funding

by | Feb 7, 2020

On Tuesday, February 4, Town Manager Julie Jacobson and Economic Development Coordinator Shannon Regan attended an exciting announcement at the East Boston Neighborhood Health Center where Governor Charlie Baker, Lieutenant Governor Karyn Polito and state and local officials announced the affordable housing awards for eleven projects across the Commonwealth. These awards will advance the development of 587 new rental units, including 443 rental units affordable for low- and extremely low-income households.

The Mary D. Stone Elementary School redevelopment project was one of the recipients of the low-income housing tax credits announced at the press conference. Securing this financing was a key component to enabling this project to move forward. The project has been awarded both state and federal tax credits, including historic tax credits.

Pennrose is expected to officially take over ownership of the property in June, with construction beginning in July. The project is expected to be completed by September 2021. This housing project will fill a significant need for more affordable senior housing units in Auburn.

When construction is complete, the former elementary school building will offer 55-units for seniors, including 45 affordable-units for seniors with incomes below 60% of area median income (AMI). Six of the affordable units will be further restricted for seniors earning less than 30% of AMI.

Said Jacobson in a statement, “We would like to thank the Baker-Polito Administration for their advocacy for affordable housing and for their strong support for this critical housing project in Auburn. We are grateful to Lieutenant Governor Polito for meeting with us over the past couple of years and working tirelessly to support affordable housing for seniors in Auburn and across the State.”

“We also thank the Department of Housing and Community Development and the Massachusetts Historic Commission for their support of the Mary D. Stone redevelopment project. We would also like to extend our sincere gratitude to all the local elected officials, boards and commissions and town staff that expressed their strong support of this project. Your advocacy truly made this project possible.” Jacobson added. 

Town Administration will continue to keep residents updated as the project moves forward.