Thanks to $5.1 million in financial support from MassHousing, the conversion of the vacant Central Building in Worcester is underway.
MassHousing announced Monday it closed on the financing to allow the transformation of the 332 Main St. building into a new 55-unit mixed-income housing development.
The project includes 14 workforce housing units, and eight of the apartments will be designated for lower income households at or below 50 percent of the median income for the area. Those apartments will also be subsidized by Section 8 Housing Assistance Payment vouchers.
Another 28 units will be affordable for households earning at or below 60 percent of the area’s median income.
The workforce units will be for moderate-income households earning 70 percent or below of the income benchmark. The remaining five units will be rented at market rates.
There will be one studio unit, 17 one-bedroom apartments, 34 two-bedroom apartments and three three-bedroom apartments.
The building has been a significant structure in the city since it was built in 1926, said Central Building Development Group Managing Member Kathryn Krock in a statement.
“We are thrilled to restore and modernize this building into a mixed-use development that will contribute to downtown Worcester’s 18-hour day and downtown revitalization,” Krock said.
