Affordable Housing and Services Collaborative, Inc. (AHSC), a nonprofit organization that owns and develops affordable rental communities, recently closed on Prospect Estates in Webster, Massachusetts, as a result of financing from MassHousing and the Executive Office of Housing and Livable Communities (EOHLC).
Located at 10 and 41 Prospect Street, both properties associated with Prospect Estates were former school buildings and originally redeveloped as affordable housing in the late 1990s. The property was subsequently sold to the non-profit Women’s Institute for Housing and Economic Development (WIHED) in 2013. In 2021, AHSC acquired ownership of Prospect Estates and transitioned property management to Peabody Properties, Inc.
With financing now in place, AHSC can move forward with plans to preserve and improve Prospect Estates, with over $7 million of improvements that will include full interior and exterior renovation of both buildings to address short and long-term capital needs and updating the property to modern-day standards and compliance. The property has 25 studio, one-bedroom, two-bedroom, and three-bedroom affordable housing units for families with incomes between 30% and 60% AMI (area median income).
The Architectural Team (TAT) will serve as project architect, NEI General Contracting as general contractor, Horsley Witten as environmental engineer, and Weston & Sampson as civil engineer.
“We’re pleased that this project is now underway, and will preserve essential affordable housing to the Webster community,” said Michael Mattos, president/executive director of Affordable Housing and Services Collaborative, Inc. “We are thankful for our continued partnership with MassHousing and the EOHLC in our mutual mission to confront housing challenges and improve lives.”
About Affordable Housing and Services Collaborative, Inc. (AHSC)
Affordable Housing and Services Collaborative, Inc. (AHSC) is a 501c3 nonprofit organization founded in 2001 to develop affordable housing, as well as to promote and enhance the quality of life for residents of affordable housing. AHSC works with its strategic partners to establish a leadership role in the preservation and creation of affordable rental communities.
For more than 20 years, AHSC has been involved in many complex affordable housing developments involving new construction, historic adaptive reuse, and occupied rehabilitation. Throughout its history, the organization has been involved with 30 projects, which have helped to keep over 2,500 units affordable, as well as helped create 179 new supportive housing units within four communities for formerly homeless veterans.
Affordable Housing and Services Collaborative, Inc. is located at 536 Granite Street, Third Floor, Braintree, MA 02184. For more information, please call 781-794-1095 or visit www.ahscinc.org.
About the Peabody Companies
The Peabody Companies and its affiliates – Peabody Properties, Peabody Resident Services, Peabody Supportive Housing, Peabody Real Estate and Peabody Miami – is headquartered in Braintree, Massachusetts, at 536 Granite Street. A full-service real estate firm, Peabody Properties manages over 15,275 units of housing throughout New England, as well as additional communities in New Jersey and Florida. This award-winning, privately held company and Accredited Management Organization (AMO) was incorporated in 1976 and is under the direction of Karen Fish-Will and Melissa Fish-Crane, who were recently ranked #31 (out of 50) on Glassdoor’s 2018 SMB Top CEOs list. Recognizing its long-term commitment to Resident Services as a unique area of expertise within the field of property management, a specialty sector, Peabody Resident Services was established and is dedicated solely to the development of support services and programs for residents of affordable housing. Designated as a Women Business Enterprise (WBE) and certified by the Massachusetts State Office of Minority and Women Business Assistance (SOMWBA), Peabody was recently ranked #51 on the 2023 National Affordable Housing Management Association (NAHMA) Affordable 100 List, as well as a 2017, 2018 and 2019 Top Place to Work by the Boston Globe and 2018 and 2019 Glassdoor Best Place to Work (most recently ranked #10). Learn more at http://www.peabodyproperties.
