BOSTON – The West Elmwood Housing Development Corporation has been awarded a $694,110 grant and subsidy, along with an $857,642 advance, for the historic rehabilitation of Westfield Commons, a 10-unit apartment complex.
The funding was announced last week by Rockland Trust Co., a full-service community bank serving southeastern Massachusetts, Cape Cod and Rhode Island– that is owned by Independent Bank Corp. (Nasdaq: INDB). Rockland Trust is a member of the Federal Home Loan Bank of Boston (FHLBB), which this year is sponsoring 24 initiatives in eight states as part of its $22.8 million Affordable Housing Program.
Each year, the bank uses 10 percent of its net profits to fund grants, subsidies and below market-rate loans for affordable housing projects. “The awards will help stimulate economic development during these tough times,” FHLBB President and CEO Michael A. Jessee said in a statement.
For West Elmwood Housing, the funding will be used to renovate an industrial building on the city’s West End, creating mixed-income rental housing and commercial space. With 13 total residential units, 10 will be for very low-income families and three will be market-rate rentals.
“This is a great partnership and a smart investment in revitalizing the West End,” U.S. Sen. Jack Reed said in a statement. “This project will provide quality, affordable housing and new commercial space. It is important that we continue to strengthen our neighborhoods and create housing opportunities for more working Rhode Islanders.”
West Elmwood Housing Development Corporation, founded in 1970, is a nonprofit organization whose mission is strengthening communities through housing construction, rehabilitation and repairs. For additional information, visit www.WestElmwood.org.
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