MassDevelopment Provides $4 Million Loan for New Devens Housing Project
New England Council member MassDevelopment announced both the sale of land and a $4 million loan to support the construction of a new housing development. The project will add 46 mixed-income apartments to the Devens community as part of the larger Emerson Green neighborhood.
Emerson Green Residences will be a three-story, 56,000-square-foot building, with 23 apartments permanently income-restricted. Financing also includes a $6.5 million loan from Florence Bank and $1 million from Harvard Municipal Affordable Housing Trust, which will increase the affordability of 12 of those units. The project will include energy-efficient construction, parking and landscaping improvements, new utility infrastructure, and improved roadways and sidewalks. The project is part of broader efforts to increase housing production in Devens following the 2024 removal of the community’s previous 282-unit housing cap.
“MassDevelopment is pleased to welcome the next phase of the Emerson Green neighborhood in Devens,” said MassDevelopment President and CEO Navjeet Bal. “We are proud to sell this property and provide complementary loan financing, working across our agency and with community partners to bring this high-impact project to fruition.”
The New England Council recognizes MassDevelopment for supporting new residential production in Devens and expanding affordable and mixed-income housing opportunities as communities across Massachusetts work to address the housing and affordability crisis.