Pennrose Breaks Ground in Lenox, Bringing 68 Units of Affordable Housing
LENOX, Mass. — Pennrose announced the groundbreaking of 238 Pittsfield Road, a 68-unit affordable rental community.
The development will bring much-needed affordable, family-friendly housing options to the area.
The community will consist of 10 residential buildings offering a mix of 23 one-bedroom, 38 two-bedroom, and seven three-bedroom apartments. Of the 68 total homes, 57 will be affordable for households earning from 30 percent of the Area Median Income (AMI) up to 80 percent AMI, with the remaining 11 units available at market rate rents.
A community building at the entrance of the development will offer resident-focused amenities, including event space and a fitness center, along with on-site offices for Pennrose management and resident services staff.
"238 Pittsfield Road builds on the progress that the Town of Lenox has made in addressing the region's pressing needs for affordable, family-sized rental housing," said Karmen Cheung, Regional Vice President at Pennrose. "This partnership with the Town of Lenox continues to deliver communities that give families of all sizes a place to call home. Together with Forge, these two communities reflect our long-term commitment to meeting the diverse housing needs of Berkshire families."
Currently only 7 percent of Lenox's housing stock is deed-restricted affordable, falling short of the 10 percent goal established by the Commonwealth of Massachusetts. Additionally, approximately 90 percent of the town's existing affordable housing is limited to seniors, and market-rate rental options remain sparse.
238 Pittsfield Road is located a mile down the road from Forge, a mixed-income community that celebrated its grand opening in August. Together, the two sister developments will add a total of 133 new affordable units to the town.
The project continues Pennrose's collaboration with the Town of Lenox and is guided by the goals of the Town's 2017 Housing Production Plan, 2021 Master Plan, and 2002 Gateway Redevelopment Plan.
The project is financed via federal 4 percent tax credit and state tax credit allocations from the Commonwealth's Executive Office of Housing and Livable Communities (EOHLC), with the National Equity Fund as the syndicator and Rockland Trust and US Bank as the investors. Rockland also provided construction debt, and the Massachusetts Housing Partnership (MHP) provided both permanent debt and Workforce Housing Funds. MassDevelopment is the bond issuer, and EOHLC provided additional soft sources and operating subsidy. Finally, the Town of Lenox provided local Affordable Housing Trust and Community Preservation Act funds, as well as funds through the Commonwealth's HousingWorks Infrastructure Program (HWIP).
Haynes Construction is serving as general contractor and The Architectural Team as architect for the development.
Construction is underway and is expected to be completed in early 2028.
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