Mixed-Income Housing Development Completed In Shrewsbury

SHREWSBURY, MA — Construction on a new housing development in Worcester has been completed, the managing company announced on Tuesday.

The Elmwood, a 93-unit mixed-income housing development, was completed at 526 Hartford Tpke. The $35.2 million construction project, completed by WinnCompanies, included a mix of low-income, affordable, workforce, and market-rate apartments in two three-story buildings.

“The Elmwood reached full occupancy very quickly, providing clear evidence of the strong demand for apartment options across the income spectrum in this region,” said Adam Stein, the president of WinnDevelopment. “We’re pleased to deliver a community that not only supports the economic strength of greater Worcester but also aligns with public policy goals for the production of quality, energy-efficient mixed-income housing.”

One building has 63 units, while the other has 30. Inside, there are 13 low-income apartments available to qualified households, according to WinnCompanies.

There is also a wide range of bedroom sizes, including studios, one-bedroom, two-bedroom, and three-bedroom apartments. The Elmwood is also certified as a Passive House Community featuring HVAS systems and a solar rooftop. There are electric vehicle charging stations on the property.

The project was completed thanks to the Massachusetts Executive Office of Housing and Livable Communities, which allocated state and federal Low-Income Housing Tax Credits and other loans.

MassHousing also provided financing, tax credit bridge loan financings, and loans, while Bank of America also provided tax credit equity and construction financing. The Community Economic Development Corporation (CEDAC) also helped finance the project, according to WinnCompanies.

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