River's Edge on the Concord
- Past Projects -
River's Edge on the Concord
- Past Projects -
A Stunning Transformation: ‘River’s Edge’ on the Concord
In 2006, a new 33-acre housing development began to take shape as River’s Edge emerged from an innovative initiative by the Lowell Housing Authority to replace the blighted, 1940s-era Julian D. Steele state public housing complex. When completed, the residents will enjoy life in the single-family and duplex units priced affordably. Local lenders, including the LDFC, entered into an agreement to provide construction financing to the Residents First Development Corporation (RFDC). This significant collaboration between the Commonwealth of Massachusetts, City of Lowell, and LDFC has yielded a brand new neighborhood in which residents, City leaders, and the entire community take pride.
Downtown Venture Fund
- Past Projects -
Downtown Venture Fund
- Past Projects -
Downtown Venture Fund
A vibrant downtown thriving in association with robust neighborhoods is a formula for desirable urban life. This fund is an example of Lowell’s community leaders being intentional and pro-active, seeking to shape development. The incentive loan program was launched by the LDFC in collaboration with the City of Lowell, nine lending institutions, and the Life Initiative. The goal is to stimulate downtown retail and restaurant growth. Entrepreneurs use the capital to start businesses that are value-added improvements to the central commercial district. Businesses aided by the fund cover the spectrum of activity, from restaurants and galleries to retail shops and professional services.
Since 1975
- Past Projects -
Since 1975
- Past Projects -
Since1975
- Provided below market-rate secondary financing for the rehabilitation and restoration of downtown buildings
- Collaborated with the City of Lowell to administer a $5 million UDAG used to lend to Wang Laboratories to establish its corporate headquarters in Lowell – repayments then funneled into commercial/neighborhood loan pools
- Administered preservation funds on behalf of the Lowell Historic Preservation Commission
- Administered $2.5 million UDAG used for the construction of the downtown hotel
- Administered $1.7 million UDAG used for the Wannalancit Mills project and adjacent parking garage
- Administered $5 million HoDAG for the renovation of Mass Mills
- Created a $15 million loan pool with twelve local banks to fund the renovation of the
- Elias Building and the North Canal Housing Development
- Provided down payment assistance loans in partnership with the Merrimack Valley Housing Partnership to over 550 first time home buyers
- Purchased and land banked the Bon Marche building for redevelopment
- Purchased Courier Building on behalf of the City as the site used for the
- Paul E. Tsongas Arena-now the Tsongas Center at UMass Lowell
- Furnished the City with a “letter of credit” in the amount of $750,000 to be used as collateral as fundraising efforts begin for furniture/fixtures/equipment for the Arena
- Entered into agreement with the City to administer the Economic Development Assistance Fund (Section 108 Loan Program)
- Received shares of Wang stock in lieu of mortgage release - sold shares for a total of $2.3 million which was added to LDFC’s commercial/neighborhood loan pools
- Created $24 million loan pool with nine local banks to fund the Reinvention and Replication of the Julian D. Steele Project-now known as River’s Edge on the Concord
- Administered $2 million Downtown Venture Loan Fund in partnership with the City, eight local lenders, and the Life Initiative Fund
- Administered $2.7 million Energy Loan Fund in partnership with the City and nine local lenders