BOSTON— WinnCompanies announced the completion of The Elmwood, a 93-unit, mixed-income apartment community in Shrewsbury, Massachusetts, marking a $35.2 million investment in energy-efficient, affordable, and workforce housing near Worcester.
The development features two three-story buildings on a nine-acre site, offering a mix of low-income, affordable, workforce, and market-rate units. The Elmwood includes 13 apartments for households earning up to 30% of Area Median Income (AMI), 43 units at 60% AMI, 21 units at 110% AMI, and 16 market-rate units, with studio, one-, two-, and three-bedroom options.
“The Elmwood reached full occupancy very quickly, showing strong demand for diverse housing options in the greater Worcester area,” said Adam Stein, President of WinnDevelopment. “We are proud to deliver a community that aligns with public policy goals for energy-efficient, mixed-income housing.”
The project is certified Passive House, incorporating high-efficiency electric HVAC systems, a 150 KW rooftop solar array, and eight electric vehicle charging stations among 161 parking spaces. Outdoor amenities include a family area with grills, a Great Lawn, fireplaces, playground, and dog park. Indoor facilities feature a club lounge, co-working spaces, conference rooms, fitness center, package room, and onsite management office.
Financing came from multiple public-private sources, including the Massachusetts Executive Office of Housing and Livable Communities, which provided state and federal Low-Income Housing Tax Credits, and MassHousing, which supplied permanent financing and loans through its Workforce Housing Initiative. Bank of America contributed tax credit equity and construction financing, while CEDAC also supported the project.
“MassHousing is pleased to provide brand-new, affordable homes in proximity to Worcester and major transit options,” said Chrystal Kornegay, CEO of MassHousing. Mary Thompson, Senior VP at Bank…