Historic mill building to be transformed into housing units
A $6.96m tax-exempt bond has been issued by MassDevelopment to L.D. Russo, Inc. so that a former piano case manufacturer in Leominster can be developed into affordable housing.
L.D. Russo will use the proceeds of the bond to create a 41-unit complex from a vacant historic mill.
Laura Canter, Executive Vice President of Finance Programs at MassDevelopment, said that this project is an example of how a partnership between private and public entities can work together to save historic buildings, grow the amount of available housing, rebuild an entire neighborhood, and create jobs. Many from nearby Devens will most likely be interested in working on this construction project.
L. D. Russo president Lou Russo added that this is an opportunity to combine the renovation of a historic mill building with the creation of high-quality affordable housing.
Residents with incomes at or below 60% of the median income in the area will be able to afford the units planned for the development. Homeless individuals will have four units set aside for them and another four units will be reserved for residents eligible for the Community Based Housing program of the Commonwealth of Massachusetts.
Print companies can be hired to create brochures with more information about newly built units and the amenities that will be provided within them.
L.D. Russo will use the proceeds of the bond to create a 41-unit complex from a vacant historic mill.
Laura Canter, Executive Vice President of Finance Programs at MassDevelopment, said that this project is an example of how a partnership between private and public entities can work together to save historic buildings, grow the amount of available housing, rebuild an entire neighborhood, and create jobs. Many from nearby Devens will most likely be interested in working on this construction project.
L. D. Russo president Lou Russo added that this is an opportunity to combine the renovation of a historic mill building with the creation of high-quality affordable housing.
Residents with incomes at or below 60% of the median income in the area will be able to afford the units planned for the development. Homeless individuals will have four units set aside for them and another four units will be reserved for residents eligible for the Community Based Housing program of the Commonwealth of Massachusetts.
Print companies can be hired to create brochures with more information about newly built units and the amenities that will be provided within them.