The Community Economic Development Assistance Corporation (CEDAC) recently approved $400,000 in loans to Lawrence Community Works, Inc. (LCW) for affordable housing developments, one of which will be focused on ownership.
LCW received $400,000 in predevelopment lending for their Duck Mill project. The project is a redevelopment of the former mill building and is across from another affordable housing project that Lawrence Community Works developed. Construction is expected to begin in October of this year, and will result in 73 affordable rental units, and 16,000 square feet of commercial space.
“Lawrence Community Works is providing tremendous leadership to the City of Lawrence in developing the city’s historic mill buildings into affordable housing,” said Roger Herzog, CEDAC’s executive director. “Both the additional housing units and the commercial space this project will provide will help that community significantly.”
Somerville Community Corporation (SCC) landed $2 milllion in loans
“The City of Somerville is witnessing a tremendous amount of change, especially with the expansion of transit opportunities there,” said Herzog. “It is encouraging to see that the Somerville Community Corporation is not only continuing its commitment to provide quality affordable rental housing but is looking to develop affordable housing for ownership, as well.”