Affordable Housing and Services Collaborative, Inc. (AHSC), a nonprofit organization dedicated to the development and ownership of affordable rental communities, has successfully completed the conversion of Prospect Estates in Webster, Massachusetts, to permanent financing. This milestone secures the long-term future of the 25-unit affordable housing community housed within the historically significant Rock Castle School and Thompson School buildings.
Both school buildings, recognized on the National Register of Historic Places, underwent a comprehensive occupied rehabilitation beginning in October 2023 and concluding in August 2024. The $14 million renovation project addressed long-deferred capital improvements, resulting in the transformation of the properties into safe, energy-efficient residences for working families and individuals.
The financing package for the rehabilitation included a $6.9 million construction loan and a $650,000 permanent loan from MassHousing. Additional financial support was provided through state subordinate debt from the Massachusetts Executive Office of Housing and Livable Communities, as well as Low-Income Housing Tax Credit equity and federal and state Historic Tax Credits, which were syndicated by MHIC and Clocktower Tax Credits.
Key development partners on the project included The Architectural Team as architect, NEI General Contracting as the general contractor, Peabody Properties, Inc. as property manager, Worcester Housing Authority as a service partner, and the Town of Webster as a municipal partner.
This collaboration has ensured the continued availability of high-quality affordable housing within a development that respects and preserves local historical assets.
