Epsilon Contributes to Award-winning Springfield Rehabilitation Project
June 13, 2019
Congratulations to Valley Real Estate who recently received a well-deserved Springfield Preservation Trust Award for their rehabilitation of St. James Commons a two-building project in the City of Springfield. The 1902 St James Apartments was brought back to life by Valley Real Estate after having been vacant for many years. Additionally, the 1917 Wigglesworth Building was sensitively rehabilitated while occupied as affordable housing. This project has been a great benefit to the City of Springfield creating a total of 42 rehabilitated affordable housing units.
Epsilon was pleased to be part of the team working on this project, which included rehabilitating the two buildings. Epsilon prepared the Project Notification Form and eligibility opinions that were submitted to the Massachusetts Historical Commission. This enabled the buildings to be eligible for listing in the State and National Registers, thus qualifying the project for both state and federal historic rehabilitation tax credits and completed the necessary compliance for receiving state and federal funding. With assistance from Epsilon, Valley Real Estate was able to successfully secure both state and federal historic tax credits to assist with financing, and further funding came from Low-Income Housing Tax Credits and other sources. Ultimately, both buildings were individually listed on the State and National Registers.