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MassHousing has allocated $8.1 million in CommonWealth Builder financing for the development of Two Chestnut Place, a new residential complex located in downtown Worcester, MA. The project is a collaboration between Synergy and the Planning Office for Urban Affairs, who will be transforming a former four-story office building into 22 affordable condominiums for moderate-income, first-time homebuyers.
According to MassHousing CEO Chrystal Kornegay, this initiative is an exciting opportunity to provide affordable housing options in the heart of Worcester’s bustling downtown area. The new homeowners will have access to all the amenities and services that make living in this city so desirable.
In addition to MassHousing’s contribution of $8.1 million through its CommonWealth Builder program, funding from other sources includes $4.2 million from Life Initiative for construction costs and another $2 million from Affordable Housing Trust provided by the City of Worcester.
This partnership between public entities and private organizations demonstrates a commitment towards creating more opportunities for individuals looking to purchase their first homes at an accessible price point while revitalizing underutilized spaces within urban areas like downtown Worcester.
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