NeighborWorks Capital is pleased to extend a $1,000,000 pre-development line of credit to the Coalition for a Better Acre (CBA) in Lowell, MA. Funds will be used to support predevelopment costs associated with a 4% LIHTC recapitalization of New North Canal Apartments and the new construction of Olympia Restaurant, a homeownership condominium project slated for 2025.
New North Canal is one of the largest affordable rental developments in Lowell, with 267 units in 27 buildings. The property was constructed in 1965 and underwent previous rehabilitations in 1989 and 2007. This planned rehabilitation will include updating the facade, replacing windows and doors, and significant green updates including solar panel installation, with the goal of the project being Net Zero. The second project, Olympia Restaurant, is a 24-unit affordable homeownership condominium project planned for future development.
CBA was founded in 1982 by a group of residents, clergy, businesspeople and nonprofit leaders dedicated to saving the Acre neighborhood in Lowell from an urban renewal plan that would have displaced hundreds of residents. Today, CBA has built and renovated more than 556 residential units, and helped to create vibrant and diverse places of choice where residents are engaged leaders, and local stakeholders work in partnership to build family and community assets.
In addition to real estate development activities, CBA offers workforce training and economic development, community engagement, youth programs, civic engagement, Latin empowerment, and health access. In partnership with NeighborWorks America, CBA also hosts AcreFest, an annual festival where community organizations come together to offer access to information, resources, and educational opportunities.
This is NeighborWorks Capital’s first loan with CBA and we are excited to partner with them to support their work of resident empowerment and sustainable community revitalization for current and future residents of Lowell and the Merrimack Valley.
