Rockland Trust provides $7.4 million package to Father Bill’s & MainSpring

Quincy, MA Rockland Trust is providing a financing package of $7.4 million to Father Bill’s & MainSpring (FBMS) for the development of a new 24-unit affordable housing community at 150-156 Quincy St., helping expand access to stable housing for some of the region’s most vulnerable residents. The Quincy St. apartments project will transform the site into a multifamily residential community designed to expand access to housing in a region facing significant housing affordability challenges.

“Father Bill’s has a remarkable track record of creating housing opportunities for individuals and families in need. This project reflects the power of collaboration between nonprofit organizations, public agencies, and financial institutions to address the growing demand for affordable housing across Massachusetts,” said Charles Testa, vice president commercial banking officer at Rockland Trust. “Access to affordable housing is essential to building strong, thriving communities.”

The project will utilize Low-Income Housing Tax Credits and other public and private funding sources to ensure long-term affordability. Stratford Capital serves as the tax credit syndicator, bringing additional equity investment to support the development.

“We’re grateful to Rockland Trust for helping build a new foundation for 24 of our most vulnerable neighbors,” said John Yazwinski, president & CEO of Father Bill’s & MainSpring. “By committing to our Quincy St. development, Rockland Trust is investing in the well-being of the local community. Research consistently shows that stable housing leads to better health, employment, and lower public costs.”

FBMS is one of the region’s leading providers of housing and services for individuals and families experiencing homelessness. The organization has a long track record of developing affordable housing communities through state and federal housing initiatives, including the Low-Income Housing Tax Credit program. The Quincy St. Apartments development builds on that experience and represents another step in FBMS’s mission to create pathways out of homelessness through permanent housing.