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Citizens Bank Provides $10MM for Veterans Affordable Housing

April 27, 2016, 07:22 AM
Filed Under: Real Estate

Citizens Bank announced that its Community Development Lending Group is providing $10 million in construction financing to Soldier On, Inc. for the adaptive reuse of a former policy academy in Agawam into a 51-unit affordable housing development for military veterans.

Soldier On is a nonprofit that provides social services and transitional and permanent housing for veterans.

The Citizens loan will be used to help turn the former Western Massachusetts Regional Police Academy at 702 South Westfield St. into the new Gordon H. Mansfield Veterans Village. The design calls for 51 studio apartments, dining facilities and offices. A 56-foot by 56-foot, single-story annex will be built and attached to the main building by a covered walkway. Thirteen of the units are reserved for veterans at or below 30% AMI, and 38 units for veterans at or below 60% AMI.  

“We value our partnership with Citizens and appreciate the banking team’s great ideas and timely execution,” said Soldier On Chief Financial Officer Bruce Buckley. “Citizens’ commitment to affordable housing and military veterans is clear. Their experience with these types of transactions makes a big difference.”

“We are very pleased to be part of the Gordon H. Mansfield Veterans Village development and to be able to help the Soldier On team achieve its strategic and financial goals,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Citizens is committed to supporting affordable housing and military veterans so this was a really great project for us.”

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