Downtown Worcester apartments to get $21M makeover
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Matheson Apartments on Main Street in Worcester
The 70-unit Matheson Apartments in six historic buildings near downtown Worcester are about to undergo $20.6 million in renovations.
The state financing agency MassHousing provided $11.8 million in affordable housing financing to Cambridge nonprofit Homeowners Rehab, Inc., which acquired the Matheson Apartments in 2017.
The improvements covered by the funding include exterior masonry repairs, common area improvements, replacing several roofs, replacing windows and all unit doors, modernizing electrical, elevator and HVAC systems, upgrading kitchens and bathrooms in all apartments, and landscaping the properties. HRI will bring the six buildings into compliance with accessibility regulations.
In addition to the MassHousing financing, the project received $5.7 million in low-income housing tax credit equity financing, $2.4 million in federal historic tax credit equity, $1.1 million in state historic tax credit equity, a $4.4-million seller note, $500,000 in HOME financing from the City of Worcester and a $425,000 sponsor loan.
Because of the MassHousing financing, units in the Matheson Apartment will keep their affordability restrictions: 65 apartments will be for households earning 50% or less of the Worcester median income of $47,150 for a household of four.
Matheson Apartments contains 18 one-bedroom apartments, 33 two-bedroom apartments, 8 three-bedroom apartments, 6 four-bedroom apartments and 5 five-bedroom apartments.
Chelsea firm The Architectural Team will design the project, and Canton contractor Keith Construction will perform the work.
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