The Community Economic Development Assistance Corp. has approved $188,672 in financing for two nonprofit housing developers and a Worcester County child care provider.
The public-private community development finance institution approved a $100,000 loan to the Worcester East Side Community Development Corp. for its Forbes Street project in the Lincoln Street neighborhood. The CDC plans to build eight one-bedroom units on two vacant sites it acquired in 2011 and 2012. The units will be reserved for state Department of Mental Health clients who are homeless or at risk of being homeless.
Uxbridge Housing Associates Inc. received a $48,672 increase to an existing loan of $101,300 that CEDAC approved in Nov. 2013. The loan will fund Uxbridge Housing Associates’ plans to acquire and redevelop the historic former Virginia Blanchard School. When complete, the development will have 25 units of affordable rental housing for low- and moderate-income families in the Uxbridge area.
Also, CEDAC granted a $40,000 pre-development loan to Tri-Community YMCA for the renovation of its child care facility in downtown Southbridge. After leasing the space for 15 years, the YMCA purchased the site from the town last year.