CBA Lauded for Rebirth of Moody Street Neighborhood
The Massachusetts Housing Investment Corp. (MHIC) has honored CBA and Executive Director Emily Rosenbaum with the Excellence in Affordable Housing and Community Development award, which recognizes individuals and their organizations for their “vision and innovation, commitment to community, and perseverance of execution.”
CBA and Ms. Rosenbaum were honored for their tireless work “in improving lives and strengthening the community in the Acre neighborhood and throughout the city of Lowell.” MHIC President Joe Flatley cited CBA’s vision of a comprehensive community development for the Moody Street Corridor, as well as its commitment to developing that initiative with through resident empowerment, noting the organization’s perseverance in tackling some of the city’s most challenging properties.
CBA was a partner and catalyst to the city’s 1999 Acre Urban Revitalization and Development Project (Acre Plan), which has leveraged more than $94 million in public and private investment in the Acre Triangle. CBA’s Real Estate department has developed 425 rental units and has developed and sold an additional 50 homes to first-time homebuyers. MHIC has financed several CBA projects, most recently providing low-income housing tax credit fi nancing for the Unity Place Apartments at 482 Moody Street.
CBA literally rebuilt and gave new life to a neighborhood in crisis, beginning with the 2002 renovation of the former St. Joseph’s convent at 517 Moody St. for CBA offi ces. In 2006 and 2007, CBA invested $14 million in property improvements to the 267-unit North Canal Apartments. The renovation of St. Joseph’s Apartments was completed in 2008, creating 15 stunning new apartments. CBA gave the former St. Joseph’s High School on Merrimack a new lease on life in 2010, transforming the historic building into affordable Acre High School Apartments for 22 families. The Unity Place Apartments were completed in December 2011.