Recovery Act Impact: Tri-Town Landing
Sixty of those units are in Tri-Town Landing in Lunenburg. The project, located on land that was formerly a drive-in movie theater, was in planning since 2003 but a stimulus grant of $6.45 million under the Tax Credit Exchange program is what finally enabled this project to be built.
"Stimulus came through for us," said Bill Caseldon, of Great Bridge Properties, the project's developer.
According to town planner Marian Benson, the town was the first of the state's 40R applicants - a smart growth statute that allows communities to create dense
Great Bride Properties stepped in to take over the project in 2008 after the original developer didn't work out. Then, Caseldon said referring to the economy's downturn at the time, the world came to an end.
"Our key resource was federal tax credits which we had. Normally, we would easily get investors but that completely disappeared," he said. "We knocked on every door. The limited equity that was out there headed to New York City or San Francisco. We would say Central Massachusetts to a tax credit investor and forget it, it wasn't happening."
But Great Bridge was able to participate in the stimulus-funded tax credit
That not only made Benson and the people of Lunenburg happy but also subcontractors like Mike Crowley of MP Crowley and Sons, who were glad to get the work. "The last few years have been really tough," said Crowley. "This has been our best job in a while."
New tenant Maritza Santiago, a single mother with three children, is also pleased. "This has provided an opportunity for families like me to make it," she said.