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