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November 14, 2013

Lawrence gets nearly $10M from housing bill

BOSTON — Lawrence will receive close to $10 million in affordable housing resources and tax credits for the completion of two projects, under a $73.6 million housing bond bill signed by Gov. Duval Patrick.

The finance package announced yesterday by the governor also includes $1.3 million for a Haverhill project.

“This type of urban renewal is great for the city of Lawrence,” state Rep. Frank A. Moran (D-Lawrence) said in an interview yesterday.

“These projects will create 135 affordable units for families in need and will serve as models for future projects,” Moran said.

“I am proud to have voted for the housing bond bill that will bring state funds to help renovate the Duck Mill/Union crossing area and the Malden Mills of Lawrence. This is a significant and much-needed investment for the city of Lawrence,” he said.

Funds provided by the state Department of Housing and Community Development will support the following projects:

The Duck Mill/Union Crossing Phase II, a historic re-use project located in Lawrence and sponsored by the non-profit Lawrence CommunityWorks. The state will support the project with low-income housing tax credits, federal HOME funds, and state subsidy funds. The city of Lawrence will also contribute support. When completed, it will feature 73 affordable units for families, including 15 units reserved for families earning less than 30 percent of area median income.

Malden Mills II, is a historic re-use project located in Lawrence and sponsored by Winn Development. The state will support this project with low-income housing tax credits, federal HOME funds and state bond subsidies. The city of Lawrence also has committed funds. When completed, Malden Mills II will offer 62 affordable units for families, including seven units reserved for households earning less than 30 percent of area median income. Winn Development already has completed a highly successful earlier phase of this large-scale redevelopment project.

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