BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.
MassHousing's financing package for the new affordable housing project in Brockton consists of a $5.1 million permanent loan, $23 million in tax credit bridge financing and $1.5 million in workforce housing financing. The capital stack also includes include $36.4 million in equity from an allocation of state and federal Low-Income Housing Tax Credits by the Executive Office of Housing & Livable Communities.
MassHousing Provides $29.7M in Financing for Affordable Housing Project in Brockton, Massachusetts
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