MassHousing Provides $12M in Affordable Housing Financing for Worcester MF Property

MassHousing has provided $11.8 million in affordable housing financing to non-profit Homeowners Rehab Inc. (HRI) to modernize the 70-unit Matheson Apartments in Worcester.

The 70 units at Matheson Apartments are spread across six historic buildings near downtown Worcester. HRI acquired the properties in December 2017, and will utilize the MassHousing financing to substantially rehabilitate the properties, making exterior masonry repairs, common area improvements, replacing several roofs, replacing windows and all unit doors, modernizing electrical, elevator and HVAC systems, upgrading kitchens and bathrooms in all apartments, and landscaping the properties. HRI will also bring the six buildings into compliance with accessibility regulations.

MassHousing is providing HRI with a $6 million tax-exempt construction and permanent loan, and $5.8 million in short-term bridge financing. The MassHousing financing generated $5.7 million in Low-Income Housing Tax Credit equity financing. Other financing sources include $2.4 million in federal historic tax credit equity, $1.1 million in state historic tax credit equity, a $4.4 million seller note, $500,000 in HOME financing from the city of Worcester, and a $425,000 sponsor loan.

For comments, questions or concerns, please contact David Cohen