Fitchburg’s Moran Square project granted $5.3M by MassHousing

A 44-unit affordable-and-workforce housing development in Fitchburg received $5.3 million in financing from the Massachusetts Housing Finance Agency, according to a press release from MassHousing.

The housing project is part of a $23.9-million redevelopment of Moran Square, which will convert the former fire station into two apartments, create 14 apartments in the former three-story commercial Harper Building, and construct a new five-story building with 28 apartments, per the release dated Sept. 14.

Rees-Larkin, a real estate developer based in Boston, is overseeing the redevelopment. The company is involved with other affordable housing projects in the region, including an apartment complex on Lagrange Street in Worcester, approved in September.

MassHousing is providing Rees-Larkin with $2.9 million in permanent loans and $2.4 million in financing from the Workforce Housing Initiative to create 24 workforce housing units.

Other funding came from the Massachusetts Department of Housing and Development, including $10.2 million in equity from the allocation of Low Income Housing Tax Credits.

MassHousing has allocated $127 million to workforce housing units since 2016 in accordance with Gov. Charlie Baker’s goal of creating 1,000 new workforce housing units, according to MassHousing.

Article Credit: Worcester Business Journal