MassHousing closes on $5 million financing that will create 18 new condominiums in Fall River

BOSTON – April 9, 2024 – MassHousing has closed on $5 million in financing through the CommonWealth Builder Program to McPherson Development LLC to develop 18 new condominiums for purchase by moderate-income, first-time homebuyers in Fall River.

The MassHousing funding will allow McPherson Development to transform the site of the former St. Louis Parish Elementary School built in 1905 into a new residential community for first-time homebuyers. Nine of the new condominiums on the Bradford Avenue site will be sold to homebuyers earning up to 80 percent of the Area Median Income and nine homes will be sold to homebuyers earning up to 100 percent of AMI.

“MassHousing is excited for the 18 households who will be able to purchase a new home they can afford and put down roots in Fall River,” said MassHousing CEO Chrystal Kornegay. “As homeowners, they will begin to build equity and wealth and we are pleased that CommonWealth Builder will play a part on turning a long-vacant school building into new homes with all the benefits homeownership can bring.”

“We believe that by revitalizing the St. Louis School we can contribute to the economic and cultural growth of Fall River,” said Lucian McPherson, Managing Director and President of McPherson Development LLC. “This project is a testament to our commitment to urban redevelopment that transform communities and improve lives.”

MassHousing states that the CommonWealth Builder Program is a landmark initiative to address the racial homeownership gap in Massachusetts by creating new homeownership and wealth-building opportunities in underserved communities. It is the largest state-level program of its kind in the nation and provides market-based subsidies to support the construction of new, moderately priced, single-family homes and condominiums in the City of Boston, the state’s 26 Gateway Cities, and Framingham and Randolph. The program subsidizes the production of homes restricted to homebuyers with incomes set anywhere between 70 percent to 120 percent of their Area Median Income.

In addition to the $5 million in CommonWealth Builder financing from MassHousing, RD Advisors is providing $1.95 million in construction financing.

The vacant three-story school building will be redeveloped into the 18 condos with nine one-bedroom units and nine two-bedroom units. The development is located adjacent to two regional bus line stops and near Kennedy Park and area restaurants and retail stores.

The general contractor is McPherson Development. The architect is Vanko Studio Architects LLC and the management will be Northeastern Property Management Solutions.