State gives $36M for Worcester courthouse redevelopment
Photo | Grant Welker
The soon-to-be Courthouse Lofts at Main and Highland streets in Worcester
Redevelopment of the former Worcester County Courthouse in Lincoln Square is now getting nearly $36 million in Massachusetts state government financing to help turn the property into housing.
The state agency MassHousing said Thursday it has closed on funding it will provide to developer Trinity Financial, which has started work on the courthouse this spring. Plans call for 117 apartments, all but six of which will be set aside as affordable under income restrictions.
A complex arrangement of financing is helping Trinity make the redevelopment feasible while making a complete renovation to the building, which has been vacant since 2007.
MassHousing is providing Trinity with a $12.2-million tax-exempt permanent loan, $19.1 million in bridge loan financing, and $4.5 million in funding from the agency’s $100-million Workforce Housing Initiative. Additionally, the Massachusetts Department of Housing and Community Development committed state and federal low-income housing tax credits to generate $20.9 million in equity financing.
Other financing sources, according to MassHousing, include $10.7 million in federal historic tax credit equity, $2.9 million in state historic tax credit equity, $6 million in direct support from DHCD, and a $1.7-million deferred developer fee.
All that public aid will make up a majority of the cost of the project, which Boston-based Trinity has pegged at $53 million. The developer bought the building from the city for $1.3 million.
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