As part of an $18.6-million investment creating 662 new homes across Gateway Cities, the Healey-Driscoll Administration today announced that $3.2-million of those funds were awarded to TMI Property Management.
The money will help local developer Brian McGowan support construction of Phase III at the Franco American School project, creating 80 new rental homes and commercial space.
McGowan and his TMI team have drawn universal acclaim for their historic renovation of the old Franco American School, which included the preservation and restoration of the Lourdes Grotto, located on the grounds.
“We are extremely grateful to the Healey Administration for this grant, and to the City of Lowell’s DPD team for helping make it possible,” McGowan tells InsideLowell. “Our team looks forward to developing a building that will add value to the city and become a place residents will be proud to call home.”
These Housing Development Incentive Program (HDIP) tax credits are designed to help transform historic and underutilized properties, strengthen downtowns and expand housing opportunities.
Lieutenant Governor Kim Driscoll announced the awards at Durfee Block Apartments in Fall River, one of six projects receiving funding.
“Gateway Cities are critical to Massachusetts’ housing future, and they know better than anyone what their communities need to grow,” said the Lieutenant Governor. “These investments build on strong local partnerships to create more homes, lower costs, revitalize downtowns and ensure these communities continue to thrive for generations to come.”
