Ships’ Cove
Affordable Housing in Fall River, Massachusetts
Located at 130 Canal Street in Fall River, MA, Ships’ Cove is a high-rise building located centrally to public transportation as well as many other public and commercial amenities. Its residents enjoy incredible views of historic Battleship Cove. The renovation includes improvements to units, common areas, building systems and the building exterior, as well as accessibility improvements and installation of utility-conserving fixtures. These redevelopment efforts have improved the quality of life for current and future residents and secured Ships Cove as an important affordable housing resource in Fall River.
REDEVELOPMENT
Total Cost
| $26,995,000 |
Description
Of its 201 apartments, 162 Ships’ Cove units are covered by a project-based Section 8 contract. There are 100 1-bedroom units and 101 2-bedroom units. Of the total, 21 units below 30% AMI, 150 units below 50% AMI, 20 units below 60% AMI, and 10 units below 95% AMI.
Permanent Financing
| $10,973,000 | Tax Exempt Loan |
|---|---|
| $8,333,000 | Low Income Housing Tax Credit Proceeds |
| $6,437,000 | Deferred Sale Price |
| $1,252,000 | Acquired Reserves |