CEDAC allots $500K to housing developments in Worcester and Leominster
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The Fruit Sever Apartments on Sever Street in Worcester.
The Community Economic Development Assistance Corp., a public-private finance institution in Boston providing resources for nonprofits, approved almost $11.6 million in early stage financing to 16 Massachusetts nonprofits, according to a press release Monday.
Included in the 16 chosen nonprofits were The Community Builders in Worcester and North Star Family Services, Inc. in Leominster.
TCB plans to subdivide a 36,595-square-foot lot to construct 49 affordable apartments as part of the preservation of the Fruit Sever Apartments on Sever Street. Eleven of the units will be designated to households at or below 30% average monthly income, and 10 will be reserved for formerly homeless households. The project received $400,000 from CEDAC, said the press release.
Leominster’s North Star Services entered into an agreement to purchase an undeveloped site, which will be used to create 14 units of housing for formerly homeless families, according to the release. CEDAC provided $100,000 for the project.
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