Rockland Trust provides $14.8m financing package for Caleb Group

Topsfield, MA Rockland Trust has provided a $14.8 million financing package for The Caleb Group, to support the development of Emerson Homes, a new affordable housing for older adults’ community. Located on High St., Emerson Homes will consist of 44 rental apartments for adults aged 62 and older, helping address the growing need for affordable housing options for older adults in Essex County. The development is the first newly constructed multifamily affordable housing community in town in several decades.

“This project represents a meaningful investment in the future of affordable housing for older adults in Massachusetts,” said Claudius Zorokong, SVP, commercial banker at Rockland Trust. “By partnering with The Caleb Group, we are helping create stable, high-quality housing that will serve seniors for generations to come.”

Developed by The Caleb Group, a non-profit affordable housing organization founded in 1992 based in Lynn, Mass., Emerson Homes will further the organization’s mission of expanding access to affordable housing throughout New England. The Caleb Group currently owns and manages 30 income-restricted properties across four states, providing 1881units of housing.

“The Caleb Group is grateful to our partners at Rockland Trust,” said Shawn Smitley, executive director of The Caleb Group. “They make community-improving projects like Emerson Homes possible, and their support reflects a strong commitment to housing stability for people across New England, including the older adults who will make Emerson Homes, in Topsfield, their home.”

The development will offer two studio apartments, 38 one-bedroom apartments, and four two-bedroom apartments. Of the 44 units, 43 will be income-restricted affordable homes. The affordability restrictions will remain in place at least throughout the Low-Income Housing Tax Credit (LIHTC) compliance period (30 years), ensuring long-term housing affordability for residents.

Construction began in October. Beyond providing much-needed housing, Emerson Homes is expected to generate local economic activity through construction investment and demonstrate the successful use of federal and state housing tax credit programs to expand affordable housing opportunities across Mass.