The CommonWealth Builder Program has enabled MassHousing to be awarded $5 million in financing, so that 18 new condominiums can be developed by McPherson Development LLC in Fall River.
These will be made available for purchase by first-time, moderate-income homebuyers.
The condominiums will be built on what was once the site of the St. Louis Parish Elementary School, which was built in 1905. Homebuyers earning up to 80 percent of the median income in the area will be able to buy nine of the condominiums, while the other nine will be made available to those earning up to 100 percent of the median income in the area.
Such developments and criteria for purchasing eligibility can be made available to residents with flyer printing.
Chrystal Kornegay, CEO of MassHousing, expressed excitement for the 18 households that will be able to buy an affordable new home and settle down in Fall River. Kornegay expressed pleasure that CommonWealth Builder will have a role in turning a school building that has been vacant for a long time into new homes that will bring the benefits of owning a home to those in the community.
The school will be developed into nine units with one bedroom and nine units with two bedrooms. The development is near many retail establishments and restaurants, Kennedy Park, and two regional bus lines.
