Melrose affordable housing building gets nearly $160M rehabilitation

Posted: Updated:
MELROSE -

Gov. Andrew Cuomo announced the completion of the nearly $160 million rehabilitation of the Michelangelo Apartments in Melrose.

The 44-year-old building with over 400 units was just given a full facelift, while preserving affordable housing for the next 40 years.

Cuomo says nearly $160 million went to refinancing and renovating the outdated building.

The four-tower Mitchell-Lama development received full kitchen and bathroom upgrades, modern-style elevators, lobbies and halls, as well as an underground parking garage and outdoor landscaping with amenities. The project also included energy-efficient boiler systems away from the traditional electric heaters.

Preserving the affordability with all of the new improvements was critical for residents.

Developers say the original subsidy contract had expired in 2014, threatening to raise rent for longtime residents in the neighborhood. 

The apartments at Michelangelo will receive project-based Section 8 rental assistance, guaranteeing affordability to its residents.

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