"Converting an abandoned mill into mixed-income rental housing has multiple benefits," notes MassHousing executive director Thomas R. Gleason. "Not only will this project add needed mixed-income housing to downtown Lowell, but the residents of Boott Mills will also be able to walk to stores and have easy access to public transportation."

Boott Mills Apartments, which will be developed by Boston-based WinnDevelopment, will be located in the East Mill building of the former Boott Cotton Mills complex. Thirty-one of the 154 units will be reserved for low-income households. The development will include 66 one-bedroom units, 84 two-bedroom units, and four three-bedroom units. The East Mill building is one of the last remaining unrenovated buildings in Lowell's recently revitalized downtown area.

In addition to the $14.2 million financing commitment, MassHousing has approved the use of up to $173,000 in low income housing tax credits annually for 10 years, which the developer will sell to investors through a process called syndication, resulting in a projected $1.4 million in additional private investment for the project. The developer is also seeking $1.4 million annually for five years in state housing tax credits, which would raise $3.36 million in private equity, as well as federal historic tax credits that are expected to generate an additional $3.9 million in private equity.