An abandoned factory building in Worcester will be converted into 94 apartments as a result of $17 million in loans to the developer, the Massachusetts Housing Finance Agency announced Friday.
The financing is for two phases of the Worcester Loomworks, located on a 1.7-acre site at 93 Grand St. in the Main South neighborhood near Clark University. The developer, The Community Builders of Boston (TCB) purchased the five-building property from the Main South Community Development Corp. and will demolish three unusable portions of the mill and redevelop the property in a 94-unit apartment community, according to MassHousing, a quasi-public agency that helps finance affordable housing.
“The Worcester Loomworks is an important project for the Main South neighborhood,’’ MassHousing Executive Director Thomas R. Gleason said in a statement. “A once blighted and abandoned mill is going to be transformed into a vibrant housing community for low-income residents and some families with special needs.’’
According to MassHousing, the 39 apartments in Phase I will consist of 19 one-bedroom units, 17 two-bedroom apartments and three apartments with three bedrooms each. Four of the apartments will be set aside for households with special needs. Meanwhile, Phase II will consist of 32 one-bedroom apartments and 23 two-bedroom apartments. Four of the apartments will be set aside for households with special needs.
The project is also receiving financing from the sale of state and federal Low-Income Housing Tax Credits, the Department of Housing and community Development and the city of Worcester, MassHousing said.
Construction began last month and is expected to be completed by next summer.
