Abandoned Massachusetts Factory to Become Affordable Housing
Worcester, Mass.—Work is under way to convert an abandoned factory building in Worcester, Mass., into a 94-unit affordable housing development. The project, called Worcester Loomworks as an homage to its former industrial use, is being developed by the Community Builders of Boston (TCB).
Worcester Loomworks is on a 1.7-acre site at 93 Grand St. in the Main South neighborhood of Worcester, near Clark University. The building was originally built in 1890 to manufacture textile looms. TCB purchased the five-building property from the Main South Community Development Corp. and will demolish three unusable portions of the mill and redevelop the remainder into residential space.
The 39 apartments in Phase I will consist of 19 one-bedroom units, 17 two-bedroom units and three three-bedroom ones. Four of the apartments will be set aside for households with special needs. Phase II will consist of 32 one-bedroom apartments and 23 two-bedroom apartments. Likewise, four of the units will be set aside for special needs households.
MassHousing has closed on a $5.5 million tax-exempt bridge loan and a $1.3 million tax-exempt construction/permanent loan for Phase I of the development. Phase I also received $1 million from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development (DHCD).
MassHousing has closed on a $9.3 million taxable bridge loan and a $1.1 million taxable construction-permanent loan for Phase II. The overall project is also receiving financing from the sale of state and federal Low-Income Housing Tax Credits, DHCD, and the city of Worcester.Tags: Community Builders of Boston, redevelopment, Worcester Loomworks