U.S.-based real estate company Related Companies plans to secure $50 million in affordable housing financing from MassHousing.
With the investments, Related Companies will renovate the Chestnut Park Apartments, a 489-unit housing community, in downtown Springfield while making a significant capital investment in the property.
Further, the company will create 77 workforce housing units that will be affordable to moderate-income households to improve the lives of its residents.
Related will also receive $2 million in direct support from Department of Housing and Community Development, $500,000 from the city of Springfield for the project.