Innovative Financing to Create and Sustain Healthy, Equitable Communities
Developments > Stony Brook Westford

Stony Brook Westford

Project at a Glance:
Development Type:
Project Type:
New construction
MHIC Financing:
$1,698,363 in debt financing
Community Teamwork, Inc.
Number of Units:
Date Completed:

This project involved the creation of 15 new units of affordable rental housing. It is the first loan MHIC did with Community Teamwork, Inc. (CTI), a 40-year-old Lowell, Massachusetts-based non-profit providing economic assistance through Community Action Programs in Greater Lowell. CTI also serves Northern Middlesex County and Essex County as a regional housing agency, and its Child Care Program serves a region extending from Metro-West to Worcester. MHIC provided a $1.7 million construction loan for the project, built under the State’s Suburban Rental Pilot Program Initiative on an 18,000 square feet site within walking distance of an elementary school.