June 12, 2017
Belchertown, MA June 8, 2017 The National Development Council (NDC) celebrates the ground breaking of a new, purpose-built assisted living facility financed with low-income housing tax credits. NDC operates one of the few affordable housing funds that invests in assisted living facilities, which are increasingly in demand as the American population ages.
The Belchertown assisted living facility, operated by Christopher Heights, will be an 83-unit project located approximately 20 miles northeast of Springfield, MA. Built on land that formerly housed the Belchertown State School for the Feeble-Minded (the school was shut down in 1992), the assisted living project is the first phase of the multi-phase master plan led by MassDevelopment, the state’s development agency.
Belchertown is the third project in which NDC has partnered with Christopher Heights, an operator of assisted living facilities across Massachusetts. NDC’s most recent project with Christopher Heights was completed in North Hampton and is currently leasing up.
The NDC Corporate Equity Fund has been committed to investing low-income housing tax credits (LIHTC) in assisted living facilities since 1998, and has since invested in a total of 24 mixed-income assisted living projects. NDC’s Corporate Equity Fund portfolio includes more than 10,000 units of housing for families, seniors and those requiring supportive and assisted living services. These projects have been completed with partners in 30 states, Washington DC and Puerto Rico.
“We are committed to investing in assisted living facilities,” said Daniel Marsh, President and CEO of NDC.
NDC will announce its newest low-income housing fund this month, which will show considerable growth over the past three years. The NDC CEF has grown from an average of about $40 million per year to about $90 million per year.