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    MassHousing loans will help convert abandoned Worcester factory into apartment complex

    MassHousing, the state’s affordable housing bank, said Friday that an abandoned factory building in Worcester will be converted into 94 new affordable apartments as a result of $17 million in MassHousing loans.

    The project, known as Worcester Loomworks, is being developed in two phases by the Community Builders of Boston, nonprofit developer of mixed-income housing.

    Located on a 1.7-acre site at 93 Grand St. in the Main South neighborhood of Worcester, the Loomworks was built in 1890 to manufacture textile looms. The Community Builders of Boston purchased the five-building property from the Main South Community Development Corp. and will demolish three unusable portions of the mill and redevelop the property into an apartment complex.

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    The 39 apartments in Phase I will be made up of 19 one-bedroom apartments, 17 two-bedroom apartments, and three three-bedroom apartments. Four of the apartments will be set aside for households with special needs. Phase I also received $1 million from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development.

    The 55 apartments in Phase II will include 32 one-bedroom apartments and 23 two-bedroom apartments. Four of the apartments will be set aside for households with special needs.

    Chris Reidy can be reached at reidy@globe.com.