Lowell trust board approves $1.9M housing loan 5-0
The Lowell Affordable Housing Trust Fund board voted 5-0 to award a $1.9 million loan locking in 28 affordable units in Centerville.
Other Committee · Meeting of September 16, 2026
LOWELL — The Lowell Affordable Housing Trust Fund board voted 5-0 to award a $1.9 million loan locking in 28 affordable units in Centerville. Developers Jim Heller, Peter Marlow and Dave Deegan secured the ARPA-funded loan, carrying 2 percent interest over 20 years, to refinance an existing note with Washington Savings Bank rather than fund new construction. Board member Connor Baldwin called it proof the trust could deliver "this many affordable homes... without displacing a single family," while member Kathy Mercado said she "wouldn't be true to myself" without noting she'd preferred the money go toward new construction instead.
Eighteen of the units are already occupied and will be deed-restricted the day the loan closes. The board separately logged a $7,765.42 catch-up payment from an existing borrower and ordered an updated accounting of the trust's remaining ARPA balance ahead of its October 21 meeting.
In the full story:
- Who Was There
- Organizations And Documents Referenced
- The complete report — 1,917 words
Source: the Other Committee meeting of September 16, 2026, reported from the official video recording and transcript.
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