38 Lewis Street, also known as A Place to Live was specifically developed to service homeless and low-income individuals located in the Worcester, Massachusetts area. Developed by Worcester Housing Authority and its nonprofit affiliate, Building Futures, Inc., 38 Lewis Street will not only provide housing, but will also provide residents the support they need to transition from homelessness.
Klein Hornig worked alongside Worcester Housing Authority (WHA) and Building Futures, Inc., (BFI) to structure and close this 25-unit development (24 affordable units and one manager’s unit). The property, which was originally owned by WHA, ground leased the land to BFI in order to construct this development.
38 Lewis Street features 16 units capped at 60% AMI and 8 units at 30% AMI, with a homeless preference and supportive services. Financing was provided from various sources, including a permanent bank loan, MassDocs funding consisting of a City HOME loan, DHCD NHTF loan, DHCD/MHP HSF loan, DHCD/CEDAC HIF loan, a City of Worcester ARPA loan, and a sponsor loan from WHA.
Prior to developing 38 Lewis Street, Klein Hornig attorneys worked with BFI through their incorporation and tax exemption determination and currently serves as their nonprofit corporate counsel.
