June 13, 2013

Voke Lofts Receives $2M State Loan

Worcester is one of six cities and towns to benefit from the release of $9.3 million in state affordable housing loans, with the planned Voke Loft apartments across from Worcester Polytechnic Institute's Gateway Park selected to receive $2 million for construction.

According to the Massachusetts Housing Finance Agency, the loans will be applied to construction on the affordable units within the selected developments. Outside of Worcester, projects in Boston, Centerville, Paxton and Westhampton also received loans.

"The Affordable Housing Trust Fund provides critical financing that allows many of these projects to move forward and create quality affordable housing for senior citizens, low-income residents and formerly homeless individuals and families," MassHousing Executive Director Thomas R. Gleason said.

Worcester's Voke Lofts is being built by WinnDevelopment, the Boston firm that opened the Canal Lofts in the former Chevalier Building on Water Street in 2012. The Voke Lofts project, a reconstruction of the former Worcester Vocational and Technical School, broke ground last summer and will include 84 apartments upon completion.

In addition to the $2 million loan, MassHousing also provided $18 million in financing for the project, it said.

The Paxton project, Paxton Senior Housing, received $1 million for the new construction of a 50-unit development for senior citizens, the first affordable development for the Town of Paxton, according to MassHousing.

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