February 28, 2019

Worcester Courthouse redevelopment wins share of $45M state funding

Photo/Grant Welker
The former Worcester County Courthouse, seen from across Highland Street, is slated to become a 117-unit residential development. The project secured new funding on Thursday.

A planned renovation of the former Worcester County Courthouse into 117 units of housing has received another funding boost.

The Baker Administration said Thursday it is committing $45 million in direct subsidies for nine mixed-income housing developments across the state, along with $22 million in state and federal low-income tax credits.

The courthouse project will take $6 million in direct subsidies and $20 million in private equity earned through the tax credits, according to the developer, Trinity Financial of Boston.

The latest funding round adds to other financial help to get the Worcester project off the ground.

Trinity Financial has received two rounds of historic tax credits worth $800,000 each, the most recent of which took place in December.

Trinity, which bought the courthouse site from the city for $1.3 million, has said it plans to begin construction in earnest next month. Preliminary environmental work in the building has already taken place.

Of the 117 residential units, 67 are planned to be market-rate, with the remainder rented under income-eligibility restrictions.

The funding announced Thursday will benefit nine projects that combined include 643 new rental housing units, including 397 units of affordable housing. The other developments are in Boston, Lowell, Holyoke, Revere and Springfield.

This story has been updated.

Comments

Type your comment here:

Today's Poll Would you consider putting neurodiversity into your firm's hiring practices? <>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media