WORCESTER, MASS. — MassDevelopment has provided $38 million in tax-exempt bond financing for an affordable housing project in Worcester. The project is a redevelopment of Lakeside Apartments, a two-building complex that was constructed in 1949. The developer, a partnership between an affiliate of Tremont Development Partners and E3 Development, plans to construct two new buildings with a total of 116 units, 61 of which will replace outdated residences. Of the 116 units, 29 will be rented to households earning 60 percent or less of the area median income (AMI), and the other 87 will be reserved for households at 30 percent or less of AMI. Construction is underway and is expected to be complete in August 2027. Eastern Bank purchased the bond, with participation from Webster Bank. The Worcester Housing Authority is also a partner on the project.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing & Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $28.9 million in equity for the redevelopment of Lakeside Apartments in Worcester.
MassDevelopment Provides $38M in Bond Financing for Worcester Affordable Housing Project
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