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MassHousing Provides $8M for Office-to-Condo Conversion in Worcester
MassHousing has provided $8.1 million in CommonWealth Builder financing for the development of Two Chestnut Place in downtown Worcester, MA, which will feature 22 new condominiums for moderate-income, first-time homebuyers.
Synergy and the Planning Office for Urban Affairs will redevelop a former four-story office building into 22 condominiums for homebuyers earning up to 80% of the Area Median Income.
“MassHousing is pleased to be part of this opportunity to develop 22 brand new homes in the heart of Worcester that will be affordable to first-time homebuyers,” said MassHousing CEO Chrystal Kornegay. “These new homeowners will be able to put down roots in homes they can afford in Worcester’s downtown with all the services and amenities available there.”
Along with $8.1 million in CommonWealth Builder funding for the project, the Life Initiative is providing $4.2 million in construction financing and the City of Worcester is providing $2 million in Affordable Housing Trust funding.
- ◦Development
- ◦Financing
