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Metro West reports $1.2M in tax credits and $850K loan for 5 Auburn Street project
Summary
Metro West Collaborative Development told the Natick Affordable Housing Trust that 5 Auburn Street has secured $1.2 million in state historic tax credits and an $850,000 loan/subsidy from the Federal Home Loan Bank of Boston, adding to an earlier $750,000 in CPA funding; MWCD submitted a $141,633.83 pre-development request and said permitting continues.
Sharone Small, director of real estate for Metro West Collaborative Development, told the Natick Affordable Housing Trust on Jan. 13 that the 5 Auburn Street affordable housing project has secured additional funding that strengthens its state application and advances permitting.
Small said the project, which previously received $750,000 in Community Preservation Act funding, was awarded $1.2 million in state historic tax credits and an $850,000 loan/subsidy from the Federal Home Loan Bank of Boston. MWCD plans to use the awards to support a Community One Stop for Growth application targeted for March 2026 and to advance construction-readiness work.
The Trust recorded receipt of MWCD’s Pre-Development Request #5 for $141,633.83. “We have submitted Pre-Development Requestion #5, in the amount of $141,633.83,” the Trust noted during the meeting; the request will be reviewed by the Trust fiscal processes.
MWCD described planned riverfront and site improvements to reduce environmental impacts, including removal of invasive Japanese knotweed, replacement of lawn with native seeds and shrubs, and installation of a stormwater quality system intended to filter particles and oils before runoff reaches the river. Chair Ganesh Ramachandran and Trust members asked for additional detail and documentation on the proposed river work; Trust member Jay Ball requested more information specifically about the intended river improvements, and Mr. Randy Johnson asked for schematic designs for the community hall and space planning.
Barney Heath introduced himself to the Trust as MWCD’s new executive director during the update.
Next steps: MWCD said the project remains in permitting with the Natick Conservation Commission and for major stormwater approvals, with the next conservation hearing scheduled for Jan. 15, 2026. The Trust will review Pre-Development Request #5 and follow up on the requested schematic and river-improvement details before any further funding decisions.
