The Community Builders celebrates grand opening of $27 million The Lofts at Loomworks

Chrystal Kornegay, undersecretary, Department of Housing and Community Development; Edward Augustus, city manager, city of Worcester; Sarai Rivera, city councilor, 4th District, city of Worcester; Michael Lozano, senior project manager, TCB; Beverly Bates, senior vice president, TCB; Marcus Vivona, director of acquisitions, National Affordable Housing Trust; James McGovern, congressman, 2nd District Mass.; Thomas Gleason, executive director emeritus, MassHousing; Eliza Datta, regional vice president of development, New England, TCB.

Worcester, MA The Community Builders (TCB) joined with public officials and community members to celebrate the grand opening of The Lofts at Loomworks. The $27 million development transformed a vacant and abandoned historic mill building into apartments for 94 families. Located at 93 Grand St., the 100,000 s/f community sits on 1.7 acres and includes one, two and three-bedroom apartments.

“The Community Builders is delighted to bring this historic mill back to life as high quality workforce housing,” said Bart Mitchell, TCB president and CEO. “The architecture, the history, the high ceilings and gigantic windows make it special. We have loved working with such great partners in Worcester for over 25 years and look forward to doing more going forward.”

The new development was constructed to LEED green building standards and features unique historic character, off-street parking, a cyber café and a community center for residents and neighbors to enjoy.

Through strong partnerships and support from area organizations such as the city of Worcester, Main Street Community Development Corp. and Clark University, The Lofts at Loomworks connects residents with neighborhood resources and expands their educational and economic opportunities. The development is centrally located within close proximity to Clark University and other educational institutions, healthcare facilities, transit and job opportunities.

Significant funding for the The Lofts at Loomworks rehabilitation came from Low Income Housing Tax Credits, which provide incentives for the use of private equity in affordable housing developments. The Department of Housing and Community Development supported the project with a combination of State and Federal Low Income Housing Tax Credits, Community Based Housing Funds, and other state subsidies. The US Department of Housing and Community Development provided Sustainable Communities Planning Grant funds to the project.

“I am proud to support this strong investment in this much-needed development. Now local families have an affordable place to call home in a thriving neighborhood. Working together, we are giving families the hand up they need to get back on their feet and building a local economy where everyone has the chance to succeed,” said U.S. Representative Jim McGovern.

TCB—a long-time partner in Worcester—has been working to make the city an even better place to live. TCB owns and manages more than 600 housing units in Worcester, including Plumley Village Apartments, home to 432 families where TCB offers robust resident services through its Community Life program.

In addition, TCB has invested significant resources in important neighborhood-based projects that will contribute to the revitalization of the city.

TCB recently provided a $2.8 million allocation of New Markets Tax Credits (NMTC) for the construction of a 36,000 square foot Alumni and Student Engagement center at the nearby Clark University. The building, located on underutilized land, will give Clark University’s pioneering model for liberal undergraduate education, Liberal Education and Effective Practice (LEEP), a distinctive presence on campus. The project will anchor revitalization efforts in the Main Street neighborhood, further strengthening the partnership between Clark University and the community.

In 2014, the company invested $2.5 million in NMTC to transform and restore the former Worcester Telegram & Gazette building into a mixed-use space that is the downtown home of Quinsigamond Community College, the Worcester Business Development Corporation, other state and local economic development partners, a bookstore, a café, and a web development company. These investments increase the economic vibrancy of downtown Worcester and create full-time and temporary jobs for the area.