WATERTOWN A Massachusetts investment company will try to convince city officials of the need for a $14 million renovation of Maple Courts Apartments.
The company, Evergreen Partners LLC, Ipswich, Mass., has invited the City Council to take a tour Tuesday of the 92-unit affordable-housing apartment complex off Weldon Drive.
Evergreen Partners twice has failed to obtain state housing tax credits for the renovation. The company hopes the city will contribute Watertown Community Development Block Grant funding, according to Kenneth A. Mix, the citys planning and community development coordinator. The developers then would use the funding to show support while seeking some other form of state financing for the project, Mr. Mix said.
Since December 2012, Evergreen Partners has been working on the project after a New York City firm bowed out. Evergreen has hoped to use state financing to purchase the apartment complex and renovate it. But Mr. Mix is not sure what the current package entails.
Work would include installing new facades and solar panels, adding more playgrounds and replacing windows, doors, flooring, heating, ventilation and air conditioning equipment, bathrooms and fixtures. The complex includes studio apartments and one-, two- and three-bedroom units.
Tenants pay $250 to $300 per month. Rent is projected to increase but will be subsidized by the federal government through the Section 8 low-income housing program. The Ford Foundation was the original owner, using the property for years as a tax write-off.