LINCOLN, MA - December 21, 2010: The Community Builders, Inc. (TCB) has acquired Lincoln Woods, a 125-unit mixed-income family community in Lincoln, MA. The community is one of the most prominent affordable housing properties in Lincoln. Lincoln Woods was established in the late 1970s when TCB worked with a group of residents to establish, finance and construct the property.
In 2008, an independent consultant advised the board of Lincoln Woods that transferring the property to TCB and converting the property from a cooperative to standard rental housing would preserve the community's long-term affordability. TCB then obtained a $2.2 million acquisition loan from MassHousing to acquire the property. This acquisition ensures that 73 of the 125 apartments will be affordable for at least 30 years. The remaining apartments will be rented at market rates.