February 15, 2017

Inbox [Feb. 15]: Main South CDC lands $4M to add 75 affordable housing units, YWCA seeks Erskine nominees, immigration law experts arrange forums, city uses Common to push downtown agenda

Print More

Interesting and worthwhile things happen every day in our community. Alas, we can’t cover them all. That’s where Inbox comes in, to offer readers an easily digestible compilation of interesting and noteworthy items you and your neighbors keep telling us about.

Main South CDC lands $4M MassDevelopment bond to buy, renovate 13 properties

MassDevelopment has issued a $4 million tax-exempt bond on behalf of Nuestras Casas Limited Partnership, an affiliate of the Worcester nonprofit Main South Community Development Corporation.

Main South CDC is using proceeds to buy and renovate 80 multi-family residential units and five ground floor commercial units on 13 Worcester properties for Nuestras Casas, a mixed-income housing development.

The development will offer 73 units that are affordable to households earning 60 percent of the area median income, two that are affordable to households earning 80 percent of the area median income, and five market-rate units.

Renovations will include upgrading heating systems, bathrooms, and kitchens; replacing windows and roofs; and making general cosmetic improvements. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of approximately $2.5 million in equity from federal low income housing tax credits, and TD Bank purchased the bond.

974 Main Street

Courtesy of MassDevelopment

974 Main St., Worcester is one of 13 properties Main South CDC was able to purchase with the help of the MassDevelopment financing package.

“The Main South CDC’s work to renovate and preserve quality housing at Nuestras Casas is essential to Worcester’s continued economic growth,” MassDevelopment President and CEO Marty Jones said. “We are pleased this low-cost financing will provide safe, welcoming homes to the working individuals and families in the Main South neighborhood.”


Please log in or subscribe to support local journalism and read the entire story. Only $2. No recurring charges.

Comments are closed.