The Community Preservation Committee on Tuesday quickly approved $400,000 for the Waltham Alliance to Create Housing to supplement development costs to renovate an old factory into affordable housing.
The housing alliance, also known as WATCH, resubmitted a reconfigured version of the application it had submitted in 2007 to convert the former Beacon Valve factory at 2 Jackson St.
Rather than creating housing to be sold, which was originally intended, the group will attempt to rent the two-story, townhouse-style homes, said WATCH executive director Erica Schwarz.
The state halted funding for mortgages, said Schwarz, and the project was unable to get a mortgage to proceed. But a funding source has emerged to cover small, rental properties, creating a new avenue for WATCH to complete the project, she said.
Schwarz said the architectural plans, exterior plans and other physical aspects will be the same as when the project was first proposed.
The newly renovated warehouse will have six two-bedroom units. Three of the units will be available for individuals whose income is up to 60 percent of the average median income. Two will be for those who make up to 50 percent. The final unit, which is one story and handicapped accessible, is reserved for an individual who makes 30 percent.
The Community Preservation Committee met to approve the application "with urgency," said Schwarz, because the deadline for applications for state funding is today. The funding will boost WATCH's chances of getting state approval for the application.
William Durkee, program manager for the committee, called the housing alliance a good project. The group's answers to questions were "forthright," he said.
The application will now head to City Council for approval, said Schwarz, and will most likely be referred to the Long Term Debt Committee.
Only a few hurdles, mainly zoning, remain, Schwarz said.
Schwarz said she the project is supported by councilors and neighbors.
The renovation of the old factory makes sense, said Schwarz. The factory is in a state of decay and, "there is a really deep need for family housing," she said.
Pending further application approvals, Schwarz said the new housing would be, "fully leased up," by early 2012.
The plans for the renovation are "beautiful" and have been carefully designed, said Durkee. "It's a novel project for affordable housing."
Jen Judson can be reached at 781-398-8004 or jjudson@cnc.com.
