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MassDevelopment In The News
Forest City Gets Financing to Renovate Former Mill Buildings
January 9, 2008: Boston Business Journal
Forest City Enterprises, the developer of Haverhill Mills, will receive a $49 million financing package from MassDevelopment for the renovation of 305 apartments.
Haverhill Mills s a mixed-income complex in Haverhill, Mass. Cleveland-based Forest City is using tax-exempt bonds to rehabilitate four early-20th century mill buildings on a four-acre parcel.
Of the 305 housing units, 61 will be designated affordable and offered to individuals earning up to 50 percent of the area's median income. Forest City officials broke ground for the mixed-use project last summer.
Haverhill Mills is the second project in Haverhill to utilize the city's smart growth overlay zone created under Massachusetts' new 40R legislation. The Downtown Smart Growth District contains three developable subdistricts allowing for the construction of 526 residential units. For all developments within the District, no less than 20 percent of the housing units constructed must be affordable. The new zoning regulations approved by the Department of Housing and Community Development also provide for an expedited zoning approval process.
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the state. During the fiscal year 2007, MassDevelopment financed or managed 211 projects statewide representing the investment of more than $2 billion in the Massachusetts economy.
© Copyright 2008 Boston Business Journal.
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