Acquisition Kicks Off $41.5 Million Modernization Effort at Chicopee Village Townhomes

Boston (August 31, 2026) – WinnCompanies, an award-winning national owner, developer and manager of high-impact apartment communities, has acquired a 290-unit affordable housing property in western Massachusetts in a deal that renews the community’s expiring affordability protections and kicks off a $41.5 million rehabilitation to address significant deferred maintenance.

With existing affordability restrictions set to expire in 2026, the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) identified Chicopee Village Townhomes in February 2025 as a preservation priority under Chapter 40T, a 2009 state law created to prevent the loss of existing affordable housing.

EOHLC selected WinnDevelopment as its designee to make an offer for the property and lead the redevelopment in April 2025. Financing for the acquisition and rehabilitation closed on Aug. 13, 2026, guaranteeing that the property will remain as affordable housing for 50 years.

“We’re grateful for the opportunity to protect and improve this critical source of affordable housing for the City of Chicopee and the Commonwealth,” said WinnDevelopment President Adam Stein. “Family housing like this is invaluable and rare, a fact that all of our public and private partners recognized immediately.”

The rehabilitation effort is underway and is expected to be completed in the summer of 2028.

“The Healey-Driscoll Administration is committed to making Massachusetts more affordable, and that means preserving the affordable homes we already have while continuing to create more,” said Secretary Juana Matias of the Executive Office of Housing and Livable Communities. “The rehabilitation of Chicopee Village Townhomes will preserve 290 affordable homes, improve the quality of life for residents, and help ensure families can continue to live and thrive in the community they call home.”

Originally constructed in 1947, Chicopee Village Townhomes primarily serves family households with children and features 62 two-story townhouse-style buildings set within a 17.6-acre suburban neighborhood. Of the 290 apartments, there are 196 two-bedroom units and 73 three-bedroom units.

“The city supports the revitalization of the Chicopee Village Townhomes project. WinnDevelopment has the demonstrated capacity to undertake this complex project and manage it long-term for the benefit of the residents and the city,” said Chicopee Mayor John Vieau.

Located near major interstate highways and close to mass transit, the community is half mile from a public school and one mile from two public parks. Large employers are within walking distance, and the Boys and Girls Club of Chicopee is next door to the property.

"I extend my sincere congratulations to WinnDevelopment for reaching this critical milestone for Chicopee Village Townhomes,” said State Sen. Adam Gomez. “Their commitment to preserving long-term affordability and investing in high-quality, community-centered rehabilitation will make a meaningful difference for the hundreds of families who call this neighborhood home. We also appreciate the leadership and partnership of the state agencies whose work made this preservation effort possible. Together, these collaborative investments strengthen the community, prevent displacement, and ensure that Chicopee Village remains a vibrant, affordable place for generations to come.”

Added State Rep. Shirley Arriaga: “Protecting affordable housing means protecting families, and that’s exactly what this investment in Chicopee Village Townhomes will do. By preserving 290 affordable homes and investing more than $41 million in critical renovations, we’re ensuring residents can remain in safer, healthier, and more energy-efficient homes without being displaced. At a time when Massachusetts faces a housing affordability crisis, preserving the affordable housing we already have is just as important as building more. This investment strengthens our community today, while protecting affordable housing for generations to come.”

The acquisition-rehab project is being financed as a twinned 4 percent and 9 percent Low-Income Housing Tax Credit (LIHTC) transaction, thanks to tax credits allocated by the EOHLC.

Massachusetts Housing Partnership (MHP) provided a permanent mortgage. "MHP is proud to partner with WinnDevelopment to preserve Chicopee Village for the families that live there today and those who will find a home here in the future. Winn's redevelopment of this community means that 290 households can stay in the place where they have planted roots,” said MHP Executive Director Rachel Heller. “Updates to these homes will increase accessibility and energy efficiency while improving outdoor spaces with a new playground and repairs to sidewalks. Chicopee Village is a great example of what's possible when we invest in affordable housing."

MassHousing issued tax-exempt bonds to help finance the acquisition. “MassHousing is pleased to partner in this effort to preserve the affordability for residents at Chicopee Village Townhomes and substantially renovate the 290 apartment homes there that were in danger of converting to market rates,” said MassHousing CEO Chrystal Kornegay.

Rockland Trust provided approximately $36 million in construction loan financing and invested $9.8 million in the effort. “Rockland Trust is proud to support the redevelopment of Chicopee Village with more than $36 million in financing,” said Rockland Trust Senior Vice President Claudius Zorokong. “This investment strengthens our continued partnership with WinnCompanies and reflects our commitment to expanding housing stability and fostering thriving communities.”

U.S. Bancorp Impact Finance, the community development and infrastructure finance division of U.S. Bank, is investing tax credit equity and providing a construction loan to support the project. “A housing rehabilitation effort like Chicopee Village Townhomes require coordinated financing and deep expertise,” said Lisa Gutierrez, Senior Vice President and Director of Business Development, Affordable Housing at U.S. Bancorp Impact Finance. “We’re proud to work alongside WinnDevelopment and other partners to help structure capital that supports community stability and preserves affordability.”

Upon completion of the rehabilitation, 30 apartments will be converted to unrestricted units, allowing existing over-income households to remain housed and avoid economic displacement. The remaining 260 apartments will be affordable to households earning up to 60 percent of Area Median Income (AMI), including 16 units supported by new Massachusetts Rental Voucher Program (MRVP) vouchers for households earning up to 30 percent of AMI.

The renovation work will create 15 fully accessible apartments and six units for residents with hearing or visual impairments. Currently, none of the apartments are accessible for individuals with physical, visual or auditory impairments.

The roofs, windows, and siding will be replaced. Driveways and parking areas will be resurfaced and deteriorated sidewalks will be repaired. Furnaces and water heaters will also be replaced, reducing utility costs for residents with tenant-paid utilities. Energy efficiency and comfort will be improved through the installation of new windows, enhanced insulation and air sealing.

The community building, including a management office, community space and laundry facilities, will be modernized to include a new package and mail room. Connected Communities, an affiliated non-profit of WinnCompanies, will use the space to manage supportive service programs and community events.

Kitchens and bathrooms will be modernized, with affected units receiving new refrigerators, ranges, ovens, and dishwashers. In addition, a new centrally located playground is planned to serve the substantial population of families with children.

No households will be displaced from the property as part of the 22-month construction effort. WinnResidential, the property management arm of WinnCompanies, will partner with HousingToHome, a professional relocation consultant based in Dedham, MA, to coordinate temporary relocations on site.

WinnDevelopment Project Director Derek Hansen is overseeing the effort. Keith Construction of Canton, MA, is serving as general contractor. The Architectural Team of Chelsea, MA, is the architect. VHB of Watertown, MA, is the project’s civil engineer. Robinson+Cole of Boston served as transaction counsel.

ABOUT WINNCOMPANIES

As development arm of WinnCompanies, WinnDevelopment creates and revitalizes high-impact mixed-income apartment properties through award-winning new construction, renovation and adaptive reuse techniques. The company prioritizes true mixed-income communities for households of all incomes. WinnDevelopment’s track record of success has earned it a reputation as a trusted, stable community development partner among local planners, public sector agencies and private sector financiers. The company offers integrated asset management services, pioneering environmentally sustainable design and leading property operations expertise. Learn more at WinnDevelopment.

MEDIA CONTACT

Ed Cafasso
edcafasso@gmail.com
Call or Text: (617)455-9651

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