MassHousing Closes $2M In Loans For Northbridge Project
The Massachusetts Housing Finance Agency (MassHousing) announced that it's closed on $2 million in loans for a new low-income senior housing development in Northbridge.
The 75-unit Linwood Mill, which includes 16 studios, 46 one-bedroom and 13 two-bedroom apartments, is a former cotton mill at 670 Linwood Ave. It is fully occupied, MassHousing said.
The building, originally constructed in 1868, was developed by EA Fish Development of Braintree, the O'Connell Development Group of Holyoke, and Boston attorney Gerard F. Doherty and received a preservation award from the Massachusetts Historical Commission.
MassHousing, an independent, quasi-public agency which provides funding for affordable housing, provided $2 million in financing for the project and an additional $1 million was provided by the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development, and the sale of federal and state low-income housing tax credits.
"Linwood Mill is an award-winning example of how an underused mill building from a former century can be transformed into quality affordable housing — in this case for low-income senior citizens — while maintaining the historical significance of the property," said MassHousing Executive Director Thomas R. Gleason.
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