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MassHousing Closes on Financing for Swampscott Affordable Development
MassHousing has closed on the final financing for the 114-unit The Westcott in Swampscott, developed by WinnCompanies on a former industrial site following approval by the Town of Swampscott. The $14 million in permanent financing was the final financing piece of the $69.1-million development, which was completed with two transactions involving 4% and 9% Low Income Housing Tax Credits.
MassHousing additionally proved $12.2 million in tax credit bridge financing and $2.2 million in workforce housing financing for a project total of $28.4 million.
Other financing sources included $37.5 million in federal and state LIHTCs, $38.7 million in construction financing from Bank of America, $7 million in America Rescue Plan Act financing through the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), an additional $3 million in ARPA financing through the Affordable Housing Trust Fund, $5.4 million in direct EOHLC financing, $246,000 in local HOME financing and $49,000 in Swampscott Affordable Housing Trust financing. The MBTA provided an easement for the creation of additional resident parking.
The mixed-income community opened in July 2025.
- ◦Development
- ◦Financing
