NeighborWorks Capital is pleased to extend a $500,000 predevelopment line of credit increase to Coalition for a Better Acre for the New North Canal project, bringing the total line of credit to $1,500,000. Funds will be used for predevelopment costs for New North Canal, one of the largest affordable rental developments in Lowell, MA, with 267 units in 27 buildings and Olympia Restaurant, a 24-unit new construction homeownership condominium project.
New North Canal was originally constructed in 1965 and underwent rehabilitation in 1989 and 2007. This new rehabilitation will include updating the facade, replacing windows and doors, and significant green updates, including solar panel installation on most buildings with the goal of the project being Net Zero. New North Canal is managed by Maloney Properties, which also provides on-site resident services to connect tenants to service providers in the area for assistance. Residents will also have access to supportive programming such as after school programs, workforce development, and health access.
The Coalition for a Better Acre is a membership-based community development corporation dedicated to resident empowerment and sustainable community revitalization for current and future residents of Lowell and the Merrimack Valley, MA. They promote healthy, vibrant neighborhoods by developing resident leaders, affordable housing and economic opportunities, and by responding to community needs through collective action.
This is the second loan NeighborWorks Capital has extended to the Coalition for a Better Acre and we are pleased to continue to support their vision as they strive for Lowell’s neighborhoods to be affordable, vibrant, and diverse places of choice where residents are engaged leaders, and where local stakeholders work in partnership to build family and community assets.
