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Image courtesy of MassHousing
Trinity Financial now has the money it needs to begin building the second phase of its 224-unit Enterprise Center multifamily development in downtown Brockton after closing a deal with MassHousing.
The quasi-public state housing finance agency will provide Trinity with a $19 minion in financing, including $8.2 million in permanent financing, $9.66 million in tax-exempt financing and $1.2 million from the agency’s Workforce Housing Initiative, MassHousing said in an announcement Monday.
“Trinity Financial is proud to continue our work in downtown Brockton. The success of a project like this depends on a strong team, and in MassHousing, DHCD, Bank of America, BlueHub Capital, and the city of Brockton we have partners of unmatched strength. The resurgence of Brockton is in good hands,” Trinity Financial Managing Director Kenan Bigby said in a statement.
Other financing sources included a total of $30.6 million in state and federal tax credit equity allocated by the Massachusetts Department of Housing and Community Development, approximately $3.5 million in direct support from DHCD and approximately $3.5 million from the Affordable Housing Trust Fund, which MassHousing manages of behalf of the state. The project is being developed via two financing transactions involving the use of 4 percent and 9 percent Low Income Housing Tax Credits. Bank of America will provide construction financing and is the tax credit investor.
The Enterprise Center’s second phase will add 65 one-bedroom and 42 two-bedroom apartments, including 12 restricted to households earning at or below 30 percent of the area median income (AMI), one unit will be for a household earning up to 50 percent of AMI, 33 units will be for households earning up to 60 percent of AMI. Twelve of the new apartments will be workforce housing units for households earning up to 80 percent of AMI, and 53 apartments will be rented at market rates. The Area Median Income for Brockton is $106,000 for a household of four.
The project’s 113-unit first phase, being built on the former home of the Brockton Enterprise newspaper’s printing plant, was one of the first new multifamily developments in the city in recent years and the first in a wave that is beginning to attract substantial all-market-rate development, as well.
