DEVENS — Seniors age 62 and up will now have a chance at affordable housing thanks to the actions of Citizens Bank.
The bank provided a $12.5 million construction loan to Shirley Commons LLC, a group sponsored by The Women’s Institute for Housing and Economic Development.
The loan is a piece of $36.5 million in construction loans the bank distributed last fall for other affordable housing projects.
These include a $17 million loan to the 2Life 370 Harvard LLC to build 62 units of affordable senior living in Brookline and $7.5 million to Affirmative Investments, Inc. and the Falmouth Housing Project’s Little Pond Palace, consisting of 40 units of multi-family affordable housing.
The Women’s Institute, a nonprofit affordable housing developer based in Hartford and Boston, has been looking to establish an independent living facility since 2015.
The three-story facility, named Shirley Meadows, is located at 27 Hospital Road in the Shirley Village Growth District in Devens.
The facility will offer 38 units to tenants earning no more than 60 percent of area median income, 16 units to tenants earning no more than 30 percent of area median income and four units to tenants earning no more than 50 percent of area median income.
“This is a wonderful chance for seniors to have a place to still call home, but also to have a community who welcomes them,” said Women’s Institute CEO Loni Willey. “I think what’s always really special is the chance to let everyone have their own space so they can feel independent and feel comfortable in their home. But also, there are many facets to this design that allows our residents to come together and have community here and outside.”
Construction of the facility started this May and is set to be ready to house residents by next summer.