Boston-Area Mixed-Income Asset Lands Construction Financing
- Jan 16, 2020
NeighborWorks Housing Solutions has received $4.7 million in construction financing for Sycamore on Main, a mixed-income community in Brockton, Mass. The property will encompass 48 deed-restricted units which will be affordable for residents who earn a vast array of incomes.
The project received a $2.9 million permanent loan from MassHousing, $1.8 million from the agency’s Workforce Housing Initiative, and $1 million from the Affordable Housing Trust Fund, which it manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD).
Additional funding sources for the development include $6.7 million in federal Low Income Housing Tax Credit (LIHTC) equity, $6 million in state LIHTC equity, another $2.7 million provided by DHCD, $750,000 in supportive housing funds from the Community Economic Development Assistance Corporation (CEDAC), $450,000 in local HOME funding and a $300,000 sponsor loan.
Located at 121 Main St. in downtown Brockton, the transit-oriented property is half a mile from the city’s commuter rail station. Several shopping and dining opportunities are available within walking distance.
Affordable workforce housing
The community will reserve 18 units for earners of up to 90 percent of the area’s median income, 22 units for residents earning 60 percent or less, and eight units for households earning at or below 30 percent. Brockton’s area median income is $93,400 for a household of four. The workforce-apartments will include floorplans for one-, two-, and three-bedroom apartments, as well as a street-level retail space.
NeighborWorks partnered with NEI General Contracting to develop the Utile Inc.-designed project. Trinity Management will assume management responsibilities. Construction on Sycamore on Main began last October and is expected to conclude in early 2021.