We're pleased to share this funding has been fully deployed, resulting in the creation of 12 quality, long-term affordable housing units across Worcester County.

The three projects supported by our line of credit demonstrate how impact investments can address diverse affordable housing challenges: from supporting emerging developers to providing construction financing and enabling innovative approaches like receivership.

These projects are still underway, but at least two will move to permanent financing this fall, and all are expected to welcome their first residents by 2026. As permanent financing is secured, resources from the credit line will be available to fill funding gaps for future projects.

49 West Street, Worcester

7 units

With funding from the City of Worcester's Affordable Housing Trust Fund, WCHR is transforming this long-vacant property into seven affordable units — six for residents earning 30% of area median income (AMI), and one at 60%. The existing residential structure, which originally contained nine bedrooms and two shared kitchens, is undergoing substantial rehabilitation to create three studio units, three one-bedroom units, and one two-bedroom unit.

Despite the city's interest in saving the property, it had fallen into severe disrepair and required more funding than the city alone could offer. An $85,000 draw from the Foundation's line of credit helped cover the final funding gap needed to see the project through. Led by Black Equity Group, the project preserves an important building while supporting emerging developers and creating much-needed affordable housing in Worcester.

67–69 Petersham Road, Hardwick

3 units

This 1880s home sits in the heart of Hardwick, a rural community in western Worcester County surrounded by historic single-family houses from the 1700s and 1800s. With no municipal sewer system and restrictive rural zoning, developing new affordable housing in Hardwick is especially difficult, and rental options are scarce.

The renovation of 67–69 Petersham Road will create the town’s first new rental property in five years. Rather than allowing the vacant home to become either an expensive single-family residence or high-rent units under speculative ownership, WCHR partnered with an experienced developer to preserve its history while ensuring long-term affordability.

Supported by $351,000 from the Foundation’s line of credit, the property is being converted into three affordable rental units for households earning below 80% of area median income. One unit is already occupied by a very low-income family, and the developer is exploring options for future ownership or eventual sale to a first-time homebuyer, with rent payments helping to support the mortgage.

12 Congress Street, Worcester

2 units

This home, located in the historic Crown Hill neighborhood, had been abandoned for more than a decade. With a collapsed roof and destroyed foundation, its future was uncertain. A tangled title history made traditional development nearly impossible, but WCHR believed the home was worth protecting and pursued a receivership to take control of the property.

WCHR employs innovative approaches like receivership to combat foreclosure, blight, and housing deterioration when traditional development paths aren't viable. Through this receivership process and a $515,000 draw from the Foundation's credit line, WCHR was able to provide interim construction financing to convert this deteriorated property into two owner-occupied condominium units. The receiver is applying for first-time buyer financing from Mass Housing and other funders to make these units affordable to first-time homebuyers.

To learn more about our housing initiatives, visit Affordable Housing.