Leominster Housing Complex
Boston – MassDevelopment has issued a $6.96 million tax-exempt bond on behalf of Ivory Keys LLC, an affiliate of the project’s sponsor, L.D. Russo Inc., a construction and development firm in Harvard.
Bond proceeds will be used to transform a vacant historic mill building that formerly housed a piano manufacturing facility in Leominster’s Adams Street neighborhood into a 41-unit affordable rental housing complex.
All units will be affordable to residents with incomes at or below 60% of the area’s median income, while four units will be set aside for homeless individuals and families, and four will be reserved for residents eligible for the Commonwealth’s Community Based Housing program, which provides funding for the development of housing for people with disabilities, including elders. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income tax credits that will provide $3.6 million in equity for the project, and Enterprise Bank purchased the bond.
