Located in Worcester, Massachusetts, The Lofts at Loomworks provides 94 affordable rental homes to low- and very low-income families. It is owned and operated by The Community Builders (TCB). Originally built in the late 1800s as the headquarters for the Crompton and Knowles Loom Works company, the property was part of a larger complex of buildings. Today, The Lofts at Loomworks maintains the historic fabric of the neighborhood. In addition to providing housing, The Lofts at Loomworks remediated a brownfield to improve environmental conditions in the area.
In January of 2015, NAHT, working in partnership with TCB, provided $15 million of Low Income Housing Tax Credit (LIHTC) equity to finance the historic rehabilitation of The Lofts at Loomworks. NAHT secured the LIHTC investment under the NHT-RBS Citizen 31 Tax Credit Fund. The Lofts at Loomworks received AHF’s 2016 Reader’s Choice Award for Best Historic Rehab. The project also received one of the Affordable Housing Tax Credit Coalition’s (AHTCC) Annual Charles L. Edson Tax Credit Excellence awards.
The Community Builders, Inc. is one of America’s leading nonprofit real estate developers and owners. TCB develops, finances and operates high-quality housing while implementing neighborhood-based models that drive economic opportunity for its residents.