The Kresge Foundation is awarding $3 million to Boston Community Capital's (BCC) loan fund to invest in Massachusetts' Gateway Cities, small to mid-size regional cities with industrial histories. BCC is partnering with MassDevelopment, Massachusetts' economic development and finance authority, through the Agency's Transformative Development Initiative (TDI), a place-based economic development program for Gateway Cities. BCC and MassDevelopment will use the award to invest in mixed-use projects in the 10 TDI Districts, which are small, designated zones within Gateway Cities that receive technical assistance, real estate services and equity investments from MassDevelopment. The mixed-used projects will include large-scale real estate projects that combine residential, commercial, and cultural uses into a single building or block.
Read the full press release here.