MA Affordable Project Breaks Ground
- Jun 28, 2019
NeighborWorks Southern Mass has broken ground on Sycamore on Main, a fully affordable housing project in downtown Brockton, Mass. The five-story building will offer 48 units and ground-floor retail space on the site of a former department store at 121 Main St.
Commercial bank Rockland Trust acted as the lead financier for a $13.8 loan to fund ground-up construction of the project, which was also awarded about $6.8 million in Low Income Housing Tax Credits (LIHTC) from Hudson Housing Capital and $6 million in state tax credits.
The city and MassDevelopment, the state’s development finance agency, are also backing the project. The Massachusetts lieutenant governor and the mayor of Brockton joined the recent groundbreaking ceremony for the new development, which forms part of the Brockton Downtown Action Strategy to revitalize the neighborhood.
Brockton Main Street Improvement sold the site of the demolished Kresge five-and-dime store to the nonprofit NeighborWorks for $580,000 in 2017, according to public records cited by The Enterprise. The site is located a few blocks from a Commuter Rail station in the city of more than 95,000 residents within Plymouth County.
Winn Development partnered with NeighborWorks Southern Mass to build a $44 million workforce community in Quincy, Mass. The 140-unit property features the largest number of workforce units ever financed under the Workforce Housing Initiative of mortgage lender MassHousing.
Pictured in photo: Robert Corley, Executive Director, Neighborworks; Gerry Nadeau, President, Rockland Trust; Bill Carpenter, Mayor of Brockton; Karyn Polito, Lieutenant Governor of Massachusetts; David Kilnapp, Board Chair, Neighborworks