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February 14, 2017

Main South CDC spending $4M for 80 apts.

Courtesy/MassDevelopment 74 Main St. in Worcester is one of 13 properties Main South CDC was able to purchase with the help of MassDevelopment financing.

A Worcester nonprofit will buy and renovate 80 multi-family residential units in the city thanks to a $4-million bond issued by the state agency MassDevelopment.

Main South Community Development Corporation of Worcester will also buy and renovate five ground-floor commercial units in the city's Main South neighborhood.

A new development called Nuestras Casas will be a mixed-income housing complex with 73 of its 80 units reserved for households earning 60 percent of the area median income. Another two will be set aside for those earning 80 percent of the median income, and the remaining five will be leased at market rates.

Renovations will include upgraded heating systems, bathrooms and kitchens, replacement of windows and roofs, and other cosmetic improvements.

MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of approximately $2.5 million in equity from federal low-income housing tax credits for the development.

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