Tri-Town Development Gets $2.8M MassHousing Boost
The Massachusetts Housing Finance Agency has committed up to $2.8 million in loans for the first phase of the Tri-Town Landing apartments in Lunenburg.
The 66-unit development is in a "smart growth" district in Lunenburg, and 60 of the development's units will be reserved for low-income residents. Fifty-two of those units will be available to residents that earn up to 60 percent of the area's median income of $53,160 for a three-person household.
Another 8 units will be reserved for residents who earn less than 50 percent of the area's median income.
Six units in the development will be rented at market rates. The project is being developed by New Hampshire-based Great Bridge Properties LLC.
Tri-Town Landing is part of the Tri-Town Smart Growth District that is proposed to include 204 housing units on 8.7 acres at a former drive-in movie theater site.
The project is being funded by $1 million from the Affordable Housing Trust Fund, which is jointly managed by MassHousing and the Department of Housing and Community Development, $715,000 in DHCD HOME funds, an estimated $6.8 million from the sale of Low Income Housing Tax Credits, and an estimated $1.02 million in state Housing Tax Credits.
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