LOWELL – The Revitalization Effort Towards New Urbanism (RENU), a non-profit affiliate of the Lowell Housing Authority, along with its development partner, Trinity Financial, has been awarded Low-Income Housing Tax Credit funds and state subsidies to bring the Merrimack Corridor Development to life.
The news comes as part of a historic $140 million announcement from Governor Maura Healey and Lt. Governor Kim Driscoll, aimed at tackling the housing crisis across the Commonwealth. For RENU, this isn’t just a financial win, it is the green light to start building a future the community deserves.
Located near the UMass Lowell campus, the Merrimack Corridor Development is a partnership between RENU and Trinity Financial. This project is designed to be more than just a roof over someone’s head. It is a sustainable, welcoming community.
The impact of this funding includes:
- 118 New Homes: affordable to households at or below 80% of the area median income (AMI)
- Deep Affordability: 90 homes at or below 60% AMI, and 39 homes at or below 30% AMI
- Sustainable Excellence: The buildings are designed to achieve Passive House standards and meet Enterprise Green Communities criteria, ensuring that residents have healthy, energy-efficient homes that are kind to the environment
The Lowell Housing Authority extended its deepest thanks to the Executive Office of Housing and Livable Communities and the Healey-Driscoll Administration for believing in their vision.
They also wanted to thank their partners at Trinity Financial, the State Delegation, and the Lowell City Manager’s Office.
Stay with InsideLowell for construction updates, groundbreaking dates, and information on the future leasing process.
