ATTLEBORO — Developers of a 59-unit apartment building at 37 Union St. have received $4.4 million in financing from quasi-public agency MassHousing ensuring the project will go forward.
That, in turn, advances the city’s downtown revitalization efforts.
The financing announcement was made Wednesday.
A formal groundbreaking with Lt. Gov. Karyn Polito is slated for 10:15 a.m. Tuesday, Oct 26.
The building is a former jewelry factory and has been vacant for many years.
The construction of the apartments is part of a three-phase plan for the west side of Union Street from Park to Mill street.
It was put together by Mayor Paul Heroux and Economic Development Director Catherine Feerick in conjunction with property owner Bob Jones, GAM Realty LLC, E3 Development LLC and Affirmative Investments Inc.
The project is expected to be completed in the fall of 2022.
“This project could not have been done if it were not for all of the partners involved,” he said in an email. “The people of Attleboro are going to benefit from this project for decades to come.”
“It was truly a collaborative effort to reach this milestone, and we are grateful to MassHousing, DHCD (Department of Housing and Community Development) and the city of Attleboro for their partnership,” Eliza Datta, president of E3 Development, said in an email.
There will be four studio apartments, 36 one-bedroom apartments, 14 two-bedroom apartments and five three-bedroom apartments.
Of the 59 new apartments, eight will be made available through the Massachusetts Rental Voucher Program to lower-income residents earning up to 30 percent of the area median income, or AMI.
Another 34 will be restricted to households earning at or below 60 percent of that income level and 17 “workforce” apartments will be restricted to households earning up to 100 percent of the AMI, which for Attleboro is $86,500 for a household of four.
Future plans call for the Composite Modules building at 61 Union to be turned into apartments and for the ramshackle buildings at the corner of Park and Union to be razed and a new building constructed.
The building is just a block from the MBTA commuter rail station making it easy for those employed in Boston or Providence to get to work.
It’s also close to the GATRA bus station for those needing transportation to local destinations.
The project is part of the city’s overall plan to revitalize downtown by bringing residences into the center.
“This housing community will breathe new life into the downtown and create economic opportunities for the residents with rail service to Boston and Providence and regional bus service just steps from their homes,” MassHousing Executive Director Chrystal Kornegay said.
According to a press release from MassHousing, the agency will provide the project with a $2.7 million loan and another $1.7 million in financing from its Workforce Housing Initiative.
The project will also get $1.1 million from the Affordable Housing Trust Fund, which MassHousing manages.
Other financing sources include $12.4 million in federal and state Low Income Housing Tax Credits and $2.6 million in direct support from DHCD.
In addition, the project has been granted a total of $5.2 million in state and federal Historic Tax Credits and $295,000 in federal Community Development Block Grant money from Attleboro.
The project advances the Baker-Polito administration’s goal of creating up to 1,000 new workforce and affordable to middle-income housing units.
The general contractor will be Timberline Construction Corp. The architect is Davis Square Architects, and the management agent will be Wingate Residential.