Reviewing Veterans Affordable Housing Projects
November 11th, 2022
Epsilon would like to pay tribute to those who have served in the United States military and take note of the persistent, nationwide issue of homelessness among our veterans. According to the Department of Housing and Urban Development, on a single night in January 2022, there were 33,136 veterans who were experiencing homelessness in the United States. Here in Massachusetts, from Boston to the Berkshires, Epsilon has worked with affordable housing developers to create housing opportunities in historic buildings for veterans. Our historic tax credit specialists assist housing developers in navigating the state and federal processes to secure historic tax credits as financing tools for these important projects. These projects bring new life to historic buildings and create much needed housing and support services for veterans.
Some of Epsilon’s recent veterans housing projects are illustrated below, showcasing the variety of historic buildings that have been redeveloped. Our newest project (to be completed in 2023) is in the South End neighborhood of Boston is at 34 East Springfield Street. Epsilon has provided historic tax credit support for the conversion of many historic properties representing a wide range of building types to new uses. These projects improve the communities where they are located, whether that means creating affordable housing for families, senior citizens, or veterans, or simply by preserving and repurposing locally treasured historic buildings. These types of projects are rewarding, not only because they rehabilitate and preserve the architectural features of a historic building that might otherwise continue to deteriorate, but also because they often repurpose underutilized or vacant buildings with new creative uses to better serve the community, such as veterans housing. Epsilon encourages and supports the development of veterans housing recognizing that while homelessness continues, every project helps. No one who has served our country should be without a home.
Select veterans housing projects:
34 East Springfield Street.
This former single-family residence has sat vacant for over a decade. The circa 1865 building will be rehabilitated using state and federal historic tax credits and contain five one-bedroom affordable veterans housing units, including one handicap accessible unit.
The former J.P. Friend & Company Box Factory, now the Pleasant Street Apartments.
Epsilon led the submittal of the state and federal tax credit applications for the former J.P. Friend & Company Box Factory located in Beverly. The former factory building was rehabilitated into 32 units of permanent, supportive housing for homeless veterans. In addition to the 32 residential units, the building also houses a shared common living area, a fitness room, and vocational and supportive service spaces on the ground floor.
Hampden County Training School, now the Gordon H. Mansfield Veterans Community facility.
Epsilon obtained the state and federal historic tax credit approvals for the Hampden County Training School, located in Agawam, into veterans housing, including a new addition and site improvements. The tax credits were used to transform the former school into the Gordon H. Mansfield Veterans Community facility, which provides affordable housing opportunities for veterans with 51 units set on a six-acre campus. As part of the project, the building was listed on the National Register of Historic Places.
The former Chapin School, now the Chapin School Apartments.
Epsilon was successful in securing state and federal historic tax credits needed as part of the project financing to rehabilitate the former Chapin School in Chicopee, transforming the school into 43 residential units for veterans. In addition to securing the historic tax credit approvals, Epsilon wrote the nomination for the listing of the building on the National Register of Historic Places, a requirement of the federal historic tax credit program.
Former Fort Devens Hospital, now home to Clear Path for Veterans New England.
The former Fort Devens Hospital was recently renovated by Clear Path for Veterans New England to provide a safe, supportive, and respectful place for veterans who seek the help and resources they need to successfully integrate into their communities. Epsilon is honored to have assisted in these efforts by securing state and federal historic tax credits for this vital project.