Developments > Chestnut Square
For this project, the developer acquired nine existing buildings and built four new duplex apartments to provide 41 units of affordable housing. The project is located in the Chestnut Square neighborhood of Lowell, an area that used to house mill workers, and had fallen into disrepair. As well as providing affordable housing, this project has served as an anchor for redevelopment of the neighborhood.
Chestnut Square
Project at a Glance:
Location:
Lowell
Development Type:
Rental
Project Type:
Rehabilitation and new construction
MHIC Financing:
$3,466,000 in debt financing, $3,721,940 in LIHTC financing
Sponsor:
Caleb Foundation, Inc.
Number of Units:
41
For this project, the developer acquired nine existing buildings and built four new duplex apartments to provide 41 units of affordable housing. The project is located in the Chestnut Square neighborhood of Lowell, an area that used to house mill workers, and had fallen into disrepair. As well as providing affordable housing, this project has served as an anchor for redevelopment of the neighborhood.