$15M rehab planned for Worcester apartments
February 14, 2018 : Telegram & Gazette, by Lisa Eckelbecker
The Community Builders of Boston has raised $15 million to renovate and expand its Fruit Sever Apartments in Worcester.
The nonprofit development organization plans to add two apartments and renovate common areas, mechanical systems and the building’s exterior, according to a news release from the Massachusetts Development Finance Agency, or MassDevelopment.
The Fruit Sever Apartments at 11 Sever St. is a 132-unit property. A total of 118 apartments are “affordable,” reserved for tenants whose households earn no more than 60 percent of the area’s median income.
MassDevelopment, a quasi-public state agency, issued a $15 million tax-exempt bond for the developers, and TD Bank bought it, according to MassDevelopment. In addition, the state Department of Housing and Community Development and MassDevelopment helped the developers obtain federal low-income housing tax credits that will provide $9.1 million in equity for the project.