WinnCompanies LLC, a developer of affordable housing, has successfully secured $35 million in financing from Rockland Trust for their latest project located in Lincoln Square, Worcester. The project is called The Residences at Lincoln Square and will involve the renovation of the old Worcester Boys Club as well as the construction of a new residential building next to it. Together, these two buildings will offer 80 rental units that are specifically designed for seniors and disabled households.
In addition to Rockland Trust’s contribution, other sources of funding include funds from various organizations such as the Executive Office of Housing and Livable Communities, City of Worcester,MassHousing,Massachusetts Housing Partnership BlueHub,and MassDevelopment. WNC is also an investor in this project through its involvement with Low-Income Housing Tax Credits (LIHTC)and Historic Tax Credits (HTC).
Michael O’Brien,EVP at WinnCompanies,stated,”We are thrilled to have Rockland Trust on board as our partner for this exciting venture that not only adds value to Worcester but also provides much-needed affordable housing options specifically tailored towards older residents.” This development marks a significant milestone in revitalizing downtown by offering accessible housing options for seniors.
