Stow elderly housing project receives $48M in government financing
January 12, 2024 : Worcester Business Journal, Eric Casey
The expansion of elderly housing in Stow has received a large financial boost, as MassDevelopment will contribute more than $25 million in tax-exempt bonds towards affordable rental units for seniors, with another $23 million coming from federal housing tax credits.
The $25.8-million bond was awarded to SEHC Elizabeth Brook Apartments Limited Partnership. The Stow Elderly Housing Corp.-affiliated partnership will use the funds to construct a new 37-unit building for seniors called the Elizabeth Brook Apartments, according to a press release issued by MassDevelopment on Thursday.
Remaining funds will be used to renovate an existing 50-unit rental complex, as well as an existing single-family house to be converted into additional units.
In addition to the bond, MassDevelopment assisted the state’s Executive Office of Housing and Livable Communities in receiving approximately $23 million in federal low-income housing tax credits for the project.
“Housing like these apartments in Stow provides seniors with the opportunity to downsize while remaining connected to their loved ones and the local community, and EOHLC was proud to support this project,” Ed Augustus, secretary of housing and livable communities and former Worcester city manager, said in the press release. “Massachusetts’ senior community is growing, and our housing stock must evolve and expand to meet the unique needs of older adults.”
Eastern Bank in Boston is assisting with financing the construction of the new units.
“Our goal is to ensure that Stow remains an affordable, age-friendly place to live for older adults,” SEHC President Victoria Blake said in the press release. “This financing from MassDevelopment and Eastern Bank is helping us make significant renovations to our existing senior housing units and build the Elizabeth Brook Apartments, a supportive senior housing facility that will bring an additional 37 affordable units to our community.”
MassDevelopment, a quasi-public agency focused on stimulating economic growth in the state, financed or managed 545 projects in fiscal 2023, generating investment of more than $2 billion in economic output.