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AHSC Converts to Permanent Financing on Prospect Estates in Webster
Affordable Housing and Services Collaborative, Inc. (AHSC), a nonprofit organization that owns and develops affordable rental communities, completed the conversion of Prospect Estates to permanent financing, securing the long-term future of the 25-unit affordable housing community situated within the historically significant Rock Castle School and Thompson School buildings in Webster, MA. Both buildings, which are listed on the National Register of Historic Places, underwent a substantial occupied rehabilitation that began in October 2023 and was completed in August 2024.
The $14-million rehabilitation addressed long-deferred capital needs and transformed the buildings into safe, energy-efficient homes for working families and individuals.
Financing for Prospect Estates included a $6.9-million construction loan and a $650,000 permanent loan provided by MassHousing. Additional funding support included Massachusetts State subordinate debt from the Executive Office of Housing and Livable Communities, Low-Income Housing Tax Credit equity, and federal and state Historic Tax Credits syndicated by MHIC and Clocktower Tax Credits.
Key project development partners included: The Architectural Team, Architect; NEI General Contracting, General Contractor; Peabody Properties, Inc., Property Manager; Worcester Housing Authority, Service Partner; and Town of Webster, Municipal Partner.
