The Worcester Housing Authority has received $22.5 million in state subsidies and tax credits as part of its efforts to redevelop the Lakeside Apartments.
The award was part of $158 million in tax credits and subsidies awarded for 14 affordable housing projects statewide and will avail the project to the use of $40 million in federal tax credits, according to a WHA press release issued Friday.
“We are incredibly grateful to Gov. Maura Healey, Lt. Gov. Kim Driscoll, and the Executive Office of Housing and Livable Communities, led by Secretary Ed Augustus, for their continued support of the mission of the WHA,” Alex Corrales, CEO of WHA, said in the press release. “This project will improve the quality of lives of our residents while offering more affordable housing to those who need it most.”
WHA announced its plans to redevelop the Lakeside Apartments in 2022, a project which will see the 202-unit complex built in 1949 demolished and replaced with 350 units, with 10 of those being affordable homeownership units. The project is being led by Andover-based Tremont Development Partners and Somerville-based E3 Development.
Demolition of the existing buildings is scheduled to start in July, with construction slated to start in August. The project is expected to be completed in June 2027.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
