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MassHousing Closes on $50M Funding for Brockton Redevelopment
MassHousing has closed on $50 million in financing for the first phase of the redevelopment of the Campello Apartments public housing campus in Brockton by the Brockton Housing Authority and Cambridge Housing Authority.
The agency is providing $28.2 million in permanent financing, $20.7 million in tax credit bridge financing and $1 million in Capital Magnet Fund financing. The project will also benefit from more than $60 million in funding through other state and local sources.
Phase 1 involves the construction of a seven-story, 144-unit building, commencing the three-phase redevelopment of the distressed public housing community originally built in 1972. All 144 units will be subsidized with project-based Section 8 vouchers.
The redevelopment plan involves the demolition of a single-story building and two existing Campello high-rise buildings, which currently include 398 public housing units. The demolished buildings will be replaced with three newly constructed buildings containing 398 replacement units and two new units.
- ◦Development
- ◦Financing
