MassHousing Loans $13M For Leominster Apartment Repairs
The Massachusetts Housing Finance Agency has committed $13.3 million in loans to a Portland, Maine developer for the purchase and renovation of the Litchfield Terrace apartment complex in Leominster.
The 216-unit, seven-building complex for low-income residents was built in 1973 and has never been renovated. The renovations should improve living conditions while keeping the complex affordable for tenants and improving efficiency.
MassHousing plans to loan up to $13.3 million to Silver Street Development of Portland which will buy and refurbish the complex while allowing all income-eligible tenants to remain in their units.
According to MassHousing, 209 of the units in the complex are subsidized by the U.S. Department of Housing and Urban Development's Section 8 program.
The project contractor will be Dellbrook Construction of Braintree, the architect will be The Architectural Team Inc. of Chelsea and the property management agent will be Housing Management Resources Inc. of Quincy.
Silver Street specializes in the acquisition and development of affordable housing.
The complex's current owner is Litchfield Terrace Associates, which is run by Stephen Blum of Mount Kisko, N.Y.
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