QUINCY, Mass.— Rockland Trust is providing a $7.4 million financing package to Father Bill’s & MainSpring (FBMS) to support the development of a new 24-unit affordable housing community in Quincy, expanding access to stable housing for some of the region’s most vulnerable residents.
The Quincy Street Apartments, planned for 150-156 Quincy Street, will transform the site into a multifamily residential community aimed at addressing the region’s growing need for affordable housing. The project is part of broader efforts to increase the availability of long-term, stable housing in Massachusetts communities facing significant affordability challenges.
“Father Bill’s has a remarkable track record of creating housing opportunities for individuals and families in need,” said Charles Testa, vice president and commercial banking officer at Rockland Trust. “This project reflects the power of collaboration between nonprofit organizations, public agencies, and financial institutions to address the growing demand for affordable housing across Massachusetts.”
Testa added that access to affordable housing is essential to building strong and thriving communities.
The development will leverage Low-Income Housing Tax Credits along with other public and private funding sources to help ensure the units remain affordable over the long term. Stratford Capital is serving as the tax credit syndicator and will provide additional equity investment to support the project.
For Father Bill’s & MainSpring, the development represents an opportunity to create a stable housing foundation for 24 residents who face significant barriers to securing affordable homes.
“We’re grateful to Rockland Trust for helping build a new foundation for 24 of our most vulnerable neighbors,” said John Yazwinski, president and CEO of Father Bill’s & MainSpring. “By committing to our Quincy Street development, Rockland Trust is investing in the well-being of the local community.”
Yazwinski pointed to the broader benefits of stable housing, noting that research has consistently linked housing stability with improved health and employment outcomes, as well as reduced public costs.
The Quincy Street Apartments project underscores the role of partnerships among community organizations, financial institutions and public-sector programs in expanding affordable housing options. As housing costs continue to place pressure on households across Massachusetts, developments such as the Quincy Street community are intended to provide residents with greater housing stability while strengthening the surrounding community.
