We are thrilled to officially announce that 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.
This 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 us at RENU, this isn't just a financial win, it is the green light to start building the future our 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 our residents have healthy, energy-efficient homes that are kind to the environment
We want to extend our deepest thanks to the Executive Office of Housing and Livable Communities and the Healey-Driscoll Administration for believing in our vision. We also want to thank our partners at Trinity Financial, our State Delegation, and the Lowell City Manager’s Office. Stay tuned to this blog and our social media channels for construction updates, groundbreaking dates, and information on the future leasing process.