Massachusetts Housing Finance Agency
One Beacon Street, Boston MA 02108
Tel. 617.854.1000 | TDD 617.854.1025 | FAX 617.854.1029
www.masshousing.com
Contact:
Eric Gedstad: 617.854.1079 egedstad@masshousing.com
Eric Berman: 617.854.1843 eberman@masshousing.com
Historic Hadley Building to Provide Mixed-Income Rental Housing in Worcester Arts District
MassHousing Commits $3.3 Million for Creation of 45 Apartments in Former Furniture Building
BOSTON – October 12, 2006 – The Worcester Arts District will soon see the addition of 45 units of mixed-income rental housing in the
historic Hadley Building thanks to $3.3 million in loan commitments from MassHousing. This is the first phase in a three-phase
development plan by the developer to create 170 units of mixed-income housing as part of the city’s overall $1 billion downtown
revitalization project.
"The conversion of the historic Hadley Building into 45 units of mixed-income rental housing is a great example of a smart growth
development," said MassHousing Executive Director Thomas R. Gleason. "Not only will a historic building be preserved, but the addition
of mixed-income rental housing will add new life to the Worcester Arts District and the downtown area."
Located at 653 Main Street, Hadley Building Apartments will consist of the historic renovation of the former Hadley Building into 45
mixed-income rental units. Of those units, 40 will be affordable to households earning no more than 60% of the area median income,
which is $38,700 for a three-person household in Worcester. The unit breakdown will include 27 one-bedroom apartments, 14 twobedroom apartments, and 4 three-bedroom apartments. The ground floor of the development will provide 5,000 square feet of
commercial space, an on-site management office and a community room. The developer will also provide parking for 50 cars on an
adjacent lot.
"With its prime location on Main Street, the Hadley Apartment project will serve as the portal for the redevelopment of Worcester's Arts
District," said David Rodriguez-Pinzon, President EDFC, LLC. "The project will bring a vacant historic building back to productive life with
the strong support of Senator Harriette Chandler, Representative John Fresolo, city and state, and private stakeholders."
In addition to the $3.3 million from MassHousing, the project will receive $594,000 from the Affordable Housing Trust Fund, which is
jointly administered by MassHousing and the Department of Housing and Community Development (DHCD).
Other financing for the project includes $530,000 from the City of Worcester and $550,000 in HOME funds from DHCD. The developer will
also receive Low Income Housing Tax Credits, and federal and state historic tax credits. The sale of these tax credits is expected to raise
an additional $10.4 million for the project.
The developer of the project is EDFC, LLC an affiliate of Economic Development Finance Corporation, whose principal is David RodriguezPinzon. The architect is Fine Associates and the contractor is JT Callahan & Sons. The management agent is WinnResidential.
The renovation of Hadley Building Apartments is expected to begin late Fall 2006 and be completed in December 2007. Next year the
developer plans to build phase two of the development plan, which is the construction of a 60-unit condominium building to be known as
Beacon Place. The final phase of the project is still in development.
About MassHousing
The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in
Massachusetts. Since 1970, MassHousing has provided more than $9.4 billion in financing for more than 80,000 units of mixed-income
rental housing and over 43,000 mortgage loans for first-time home buyers. For more information, visit the MassHousing website at
www.masshousing.com.
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Massachusetts Housing Finance Agency
One Beacon Street, Boston, MA 02108
TEL: 617.854.1000
TDD: 617.854.1025
FAX: 617.854.1029
www.masshousing.com