Boston – MassHousing has closed on approximately $19 million in affordable and workforce housing financing to Trinity Financial, Inc., which is developing the 111-unit Phase Two of the Enterprise Center in Downtown Brockton for residents with mixed incomes.
MassHousing supported the second phase of the Enterprise Center by providing Trinity Financial with approximately $19 million in financing, including $8.2 million in permanent financing, $9.6 million in tax-exempt bridge financing, and $1.2 million from the Agency’s Workforce Housing Initiative. Phase Two of the Enterprise Center is being developed with two financing transactions involving the use of four-percent and nine-percent Low Income Housing Tax Credits.
The MassHousing financing will allow Trinity Financial to complete the redevelopment of the Enterprise Block and deliver a total of 224 new rental homes to Brockton’s downtown. The general contractor for Phase Two will be Aberthaw Construction Company, Inc. The architect is ICON Architecture, Inc. and the management agent is Trinity Management LLC.
There will be 65 one-bedroom apartments, 42 two-bedroom apartments and four three-bedroom apartments. The new building, which will be built on a lot at 45 Petronelli Way, will also feature ground floor community space and a fitness area, and an outdoor plaza with other recreational spaces for grills and fire pits.
When complete, Phase Two of the Enterprise Center will provide new housing to residents across the income spectrum, from very-low income households to market-rate households. Twelve will be restricted to households earning at or below 30% of the Area Median Income (AMI), one unit will be for a household earning up to 50% of AMI, 33 units will be for households earning up to 60% of AMI. Twelve of the new apartments will be workforce housing units for households earning up to 80% of AMI, and 53 apartments will be rented at market rates.