MassDevelopment Issues $4 Million Bond to Worcester Nonprofit Main South CDC
MassDevelopment, a New England Council member, recently granted a $4 million bond to Main South Community Development Corporation (CDC), a Worcester-based nonprofit, to renovate residential units in the city’sMain South neighborhood.
MassDevelopment also assisted in approving $2.5 million in federal low-income housing tax credits for the project. Main South CDC will use the money to renovate 80 multi-family, mixed-income residences and five commercial units in Worcester’s Main South neighborhood. The completed residential development, named Nuestras Casas, will reserve 73 units for households earning 60% or less of the area’s median income.
“The Main South CDC’s work to renovate and preserve quality housing at Nuestras Casas is essential to Worcester’s continued economic growth,” said MassDevelopment President and CEO Marty Jones, an NEC Board Member. “We are pleased this low-cost financing will provide safe, welcoming homes to the working individuals and families in the Main South neighborhood.”