Worcester, MA – MassDevelopment has issued a $15 million tax-exempt bond to The Community Builders (TCB) for Fruit Sever Apartments, a rental housing complex in Worcester. TCB will use bond proceeds to renovate Fruit Sever Apartments and add two affordable units, bringing the complex’s total to 134 units. Renovations will include upgrades to common areas, mechanical systems, and the building’s exterior. In addition to creating two new units of affordable housing, the project will preserve 118 affordable units available to households earning 60 percent of the area median income or less. The remaining 14 units will be available to residents at market rate. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income housing tax credits, which will provide $9.1 million in equity for the project. TD Bank purchased the bond.
“Massachusetts communities thrive when residents have access to stable, modern housing stock that is affordable to individuals from a variety of backgrounds,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to partner with The Community Builders and the Massachusetts Department of Housing and Community Development once again to update Fruit Sever Apartments and preserve the complex’s affordable and market-rate housing units.”
“We are proud of our partnership with MassDevelopment, which allows us to preserve and construct apartment homes for families of all incomes throughout the Commonwealth,” said The Community Builders Project Manager John Fraser. “With the renovation of Fruit Sever Apartments, Worcester residents will have updated, energy-efficient apartments to call home.”