MassHousing Provides $19M in Affordable Housing Financing for Brockton Property

MassHousing has closed on approximately $19 million in affordable and workforce housing financing for developer Trinity Financial Inc., which is building the 111-unit Phase Two of the Enterprise Center in Downtown Brockton for residents with a range of incomes.

The MassHousing financing will allow Trinity Financial to complete the redevelopment of the Enterprise Block and deliver a total of 224 new rental homes to Brockton’s downtown. The project’s first phase opened in 2015.  When complete, phase two of the Enterprise Center will provide new housing to residents across the income spectrum, from very-low income households to market-rate households. Of the 111 new apartment homes to be constructed in the new five-story building, 12 will be restricted to households earning at or below 30 percent of the Area Median Income (AMI), one unit will be for a household earning up to 50 percent of AMI, 33 units will be for households earning up to 60 percent of AMI.

Other financing sources included a total of $30.6 million in state and federal tax credit equity allocated by the Massachusetts Department of Housing and Community Development (DHCD), approximately $3.5 million in direct support from DHCD and approximately $3.5 million from the Affordable Housing Trust Fund, which MassHousing manages of behalf of DHCD. Bank of America will provide construction financing and is the tax credit investor.