Developments > 470 Main Street
Twin Cities Community Development Corporation is the developer of this renovated historic 5-story building which now serves as its headquarters in the center of downtown Fitchburg. The project involved the adaptive re-use of a historic office building for 31 units of housing (8 of which are affordable) on the upper floors, a TD Bank branch on the ground floor and Twin Cities’ offices and program space on the ground floor and basement levels. MHIC financed this project with $11.65 million in New Markets and federal historic tax credits and a bridge loan against the sale of state historic tax credits. Completion of this project adds considerably to the revitalization of downtown Fitchburg and adds vitally needed rental housing units to this city hard hit by the foreclosure crisis.
470 Main Street
Project at a Glance:
Location:
Fitchburg
Development Type:
Commercial,Rental
Project Type:
Historic renovation/adaptive reuse
MHIC Financing:
$11,535,836 in NMTC financing
Sponsor:
NewVue Communities
Number of Units:
31
Twin Cities Community Development Corporation is the developer of this renovated historic 5-story building which now serves as its headquarters in the center of downtown Fitchburg. The project involved the adaptive re-use of a historic office building for 31 units of housing (8 of which are affordable) on the upper floors, a TD Bank branch on the ground floor and Twin Cities’ offices and program space on the ground floor and basement levels. MHIC financed this project with $11.65 million in New Markets and federal historic tax credits and a bridge loan against the sale of state historic tax credits. Completion of this project adds considerably to the revitalization of downtown Fitchburg and adds vitally needed rental housing units to this city hard hit by the foreclosure crisis.