Affordable Housing and Services Collaborative, Inc. (AHSC), a nonprofit organization that owns and develops affordable rental communities, is pleased to announce the successful conversion of Prospect Estates to permanent financing, securing the long-term future of the 25-unit affordable housing community.
Both buildings, which are listed on the National Register of Historic Places, underwent a substantial occupied rehabilitation that began in October 2023 and was completed in August 2024.
The $14 million rehabilitation addressed long-deferred capital needs and transformed the buildings into safe, energy-efficient homes for working families and individuals. The project delivered comprehensive interior and exterior upgrades, with an emphasis on environmentally responsible materials and enduring functionality, while preserving the architectural integrity of each historic building.
The project was completed while remaining partially occupied, demonstrating a strong commitment to minimizing displacement and maintaining community cohesion.
Prospect Estates includes a mix of studio, one, two, and three-bedroom apartments affordable to households earning between 30% and 60% of Area Median Income (AMI).
“This project represents the intersection of community revitalization, historic preservation, and housing affordability,” said Andrew Hayward, development manager at AHSC. “We are proud to preserve these historic buildings while delivering high-quality housing that will remain affordable for decades to come.”
Financing for Prospect Estates included a $6.9 million construction loan, now fully repaid, and a $650,000 permanent loan provided by MassHousing. Additional funding support included Massachusetts State subordinate debt from the Executive Office of Housing and Livable Communities (EOHLC), Low-Income Housing Tax Credit (LIHTC) equity, and Federal and State Historic Tax Credits syndicated by MHIC and Clocktower Tax Credits.
Key project development partners included: The Architectural Team (TAT), Architect; NEI General Contracting (NEI), General Contractor; Peabody Properties, Inc., Property Manager; Worcester Housing Authority (WHA), Service Partner; and Town of Webster, Municipal Partner.
