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  • Community Preservation Act funding cycle begins

    Community Preservation Act funding cycle begins

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    LOWELL — The owners of the Wannalancit Mills are asking for almost $97,000 in Community Preservation Act funding to restore the towering, red-brick smokestack off Suffolk Street.

    The 210-foot structure not only acts as a wayfinding beacon during the day, but also doubles as an industrial-sized green-and-white Christmas tree during holiday nights.

    In its application, the Farley White Management Company called the structure “One of Lowell’s ‘Industrial Redwoods.’”

    The project is one of 12 applications totaling $5 million submitted for eligibility consideration during September’s Community Preservation Committee meeting.

    Historically, about $2 million in funding is allocated every year to invest in community housing, preserving open and recreational spaces and historic preservation.

    Chair Adam Baacke reviewed the CPA funding with the nine-member board, which includes Department of Planning and Development Director/Assistant City Manager Yovani Baez-Rose, members of the city’s historic, planning and parks boards, and other appointees.

    “At this time of the year, we’re hearing the eligibility applications and the eligible applicants are then given the opportunity to submit full applications,” Baacke said.

    Past approved projects have included Rollie’s Farm as conservation land and agricultural education, restoring stained glass windows at City Hall and affordable housing projects like Acre Crossing.

    The Community Preservation Act was signed into law more than 20 years ago. In 2019, Lowell voters overwhelming approved putting a 1% surcharge on local property taxes to be used for community preservation projects.

    Exemptions were approved by the city for the first $100,000 of a residential property’s value, full commercial property value and low-income and low- or moderate-income senior homeowners. The city also receives a state match from the commonwealth’s Community Preservation Fund.

    Some of the applicants, like Suffolk Place and Mass Mills IV, are past recipients of CPA funding.

    “They can come to the well as many times as they want,” Baacke said.

    Surprisingly, there were no applications for the recreation or open space category, but several in historic preservation and four requesting funding for affordable housing projects.

    St. Anne’s Episcopal Church submitted a request for $800,000 to restore three historic buildings on its footprint that faces Merrimack Street bounded by the Merrimack Canal on one side and Kirk Street on the other.

    Manny Cavaleiro requested $59,000 to replace the windows in the historic building at 573-579 Lawrence St., home to Cavaleiro’s Steakhouse.

    Historic renovations comply with both the letter and spirt of the CPA law.

    “This funding is collected from all of the taxpayers from the community of Lowell,” Baacke said. “The general impression in this community and other communities in the state is that the historic preservation component of these funds should be used on things that are visible to the community that is paying for them.”

    He noted that the committee has not funded in the past projects that involved site landscape or interior renovations to buildings that didn’t also involve a community housing component.

    Coalition for a Better Acre submitted a request for $500,000 to construct nine affordable homeownership housing units, part of a $5 million project. Committee member Daniel Tenczar questioned that math that he said had each unit costing almost $600,000 per unit.

    “I would say that’s pretty on brand for subsidized housing development per unit cost,” Baez-Rose said. “Pretty standard numbers.”

    That cost metric highlighted the challenges for developers to construct subsidized/affordable-rate housing in the state. Most private housing building projects in the city are for market-rate housing.

    Mass Mills IV applied for an additional $1.5 million in CPA funds to restore the historic Boiler Building and Main Power Plant off Bridge Street and construct community housing.

    The buildings were the scene of a façade collapse last March that dumped tons of bricks on the newly opened Riverwalk along the Merrimack River. The pathway is still closed pending the securing of the buildings and restoration of the damaged walkway.

    The East End Club development, in the city’s Centralville neighborhood, requested $100,000 to construct two affordable housing units. And Suffolk Place applied for $300,000 toward the construction of 33 affordable housing units in the Acre.

    “If we’re fortunate enough, we’ll close in November of this year to commence construction,” said Steve Joncas, a real estate consultant who is working on the Suffolk Place project with the developer.

    The committee voted all 12 applications as eligible.

    “We use our fall meetings to hear presentations, to answer any questions and to ask questions of the applicants,” Baacke said.

    In January the committee will craft its recommendations before submitting the list to the City Council for final funding determination in time for the city’s budget discussion in May.

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    Melanie Gilbert

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  • Coalition for a Better Acre nets $1M from MacKenzie Scott fund

    Coalition for a Better Acre nets $1M from MacKenzie Scott fund

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    LOWELL — On Wednesday, the Coalition for a Better Acre announced that it was investing the $1 million it received from billionaire philanthropist MacKenzie Scott’s Yield Giving platform in affordable housing.

    “Two weeks ago, there was a property that came on the market in the Acre neighborhood, and the sale price was $999,999,” CBA CEO Yun-Ju Choi said by phone. “We just signed off on the paperwork today.”

    The deal brings CBA closer to its plan to build 40 affordable apartment units for residents earning up to 60% of area median income, which is considered lower income.

    The Yield Giving Open Call was announced last March, soliciting community-led, community-focused organizations whose explicit purpose is to enable individuals and families to achieve substantive improvement in their well-being through foundational resources.

    CBA was among only 361 organizations — from a total of more than 6,000 that applied — to receive an award. Eligible organizations had annual budgets of between $1 million and $5 million, and unlike the majority of other funding, comes with no strings attached.

    Choi said the “once-in-a-lifetime, pie-in-the-sky” award is one-third its budget, but gives the nonprofit “a lot of flexibility.”

    “There are no conditions,” Choi said. “They’re just giving one-time money to use any way we see fit. They don’t even need a report on how we spent the money.”

    The Open Call award allowed a small, one-off developer like CBA to bring money to the table for a market-rate housing opportunity.

    “It was a good fit and perfect timing,” Choi said. “When you have site control, it helps us with the funding.”

    The nonprofit will borrow, secure tax credits and find different funding sources to be develop the as-yet unnamed project located not far from the Stoklosa Middle School. Choi said the housing development will bring $25 million to $30 million of investment into the Acre neighborhood.

    “It’s giving us a project that’s going to be leveraged into 25, 30 times more than what Yield Giving is giving us,” she said.

    Development Coordinator Sanary Phen took on the grant writing duties of the application process, which included submitting a video. The 90-second clip features founder Charlie Gargiulo talking about the community empowerment origins of the organization.

    Established by a group of residents, clergy, businesspeople and nonprofit leaders in 1982, CBA mobilized residents to fight to save the Acre Triangle from an urban renewal plan that would have displaced hundreds of residents.

    “The people who had been here for many years, we thought they should benefit from that revitalization, not be victims of that revitalization,” Gargiulo said in a historical clip.

    One year after its founding, CBA revitalized 38 housing units in the Acre Triangle, making it possible for 24 low- and moderate-income families to become homeowners and providing rental units for 14 others. The homeownership rate in the Acre Triangle neighborhood increased dramatically, from 1% to 25%.

    Today, the member-driven, nonprofit community development corporation provides 556 units of affordable housing and a range of free programs that support resident empowerment, said CBA Director of Programs Cecilia Gutierrez Yapur.

    “Housing by itself is not going to get [people] out of the cycle of poverty,” she said during her video segment, going on to discuss CBA’s other offerings, including English classes and a food pantry serving 550 families. “We target people who are in need of jobs. We offer sewing classes, we offer an after-school program, sports programs through our Roberto Clemente League, civic engagement, where to vote, how to vote, get registered, who is running.

    “We feel like communities that eat together, party together, stay together and work together,” she closes the clip.

    Choi said that when she saw the video the CBA staff had created, she thought, “We’re going to win that money.”

    The Acre has become a focal point of housing development with dozens of units coming online starting in April.

    The Acre Crossing project at Merrimack and Cabot streets will be home to a five-story Jeanne D’Arc Credit Union office building. It will also consist of 32 newly constructed condominiums, including 24 two-bedroom and eight three-bedroom units, that will come on market this summer to first-time homebuyers earning at or below 100% area median income.

    Suffolk Place at Market and Suffolk streets, around the corner from Acre Crossing and just blocks from City Hall, will bring 33 newly constructed condominiums to first-time homebuyers earning at or below 100% area median income.

    It’s the kind of mixed neighborhood development that City Councilor Paul Ratha Yem said is much-needed and long overdue.

    “This is exciting news and congratulations to CBA for receiving this grant to further their missions of providing affordable housing to the residents of Lowell, particularly in the Acre,” Yem, who represents the District 7 neighborhood, said by phone on Wednesday. “Our time has come.”

    The award comes just months before Choi steps down this June after nearly 10 years of leading CBA, but she feels like the award strengthens the nonprofit’s housing mission to meet the needs of current and future residents of Lowell.

    “This award didn’t just give funding to CBA, it is a gift to the city of Lowell,” Choi said.

    More information on the Yield Giving Open Call and other initiatives can be found at leverforchange.org.

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    Melanie Gilbert

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  • Jeanne D’Arc Credit Union CEO Mark Cochran to retire after 17 years

    Jeanne D’Arc Credit Union CEO Mark Cochran to retire after 17 years

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    LOWELL — After 17 years at the helm, Jeanne D’Arc Credit Union CEO Mark Cochran announced last month that he will retire from his role later this summer.

    Cochran, 65, first joined Jeanne D’Arc in 2007 after being tapped to replace outgoing President and CEO Paul Mayotte. He came to Lowell, knowing little about the area at the time, after serving as executive vice president and CEO of Affinity Federal Credit Union in New Jersey.

    “I realized that Jeanne D’Arc had a great presence in the city of Lowell, but there was more that we could do,” said Cochran.

    What stood out to him as he began to learn more about the city were the roots that Jeanne D’Arc and its executives had in Lowell.

    “There is a legacy of board members with multiple generations on the board, and they explained to me the importance of being in the Acre,” said Cochran.

    When he arrived, Jeanne D’Arc was headquartered in another building in the Acre neighborhood that has since been torn down after they moved to their new headquarters at 1 Tremont Place.

    In the place of the old building, construction is ongoing for Acre Crossing. When construction is complete, which is expected this spring, the property will be home to both a Jeanne D’Arc operations center and 32 new units of affordable condominium housing, retail space and a parking garage.

    A credit union operates similar to a bank, with the difference being that credit unions are nonprofit entities that often operate on a smaller scale with specific missions in mind. In the case of Jeanne D’Arc, Cochran said that mission has always been to benefit residents of Greater Lowell who have lower incomes.

    “The business part of it is that we are continuing to grow so much that we need space. The housing part of it is to continue our mission of helping people with modest means,” said Cochran. “This is a unique program that gives them homeownership, it is not a rental, and it is only for people who qualify based on income.”

    Cochran, who was also named the CEO of the Year in 2022 by the Cooperative Credit Union Association, said he just felt that it was time for him to retire, both for himself and for the continued success of Jeanne D’Arc.

    “I’m healthy, the credit union is doing very well, and I felt like I would rather go out on top,” said Cochran. “I think there is an excellent leadership team in place at the credit union, and a really in-tune board that is going to make a wise selection for the new CEO. I would rather just do it while I can, rather than wait until I’m in a wheelchair and they have to wheel me out of here.”

    He said he has little in the way of specific retirement plans, beyond traveling more to Florida and New Jersey to spend time with his daughter and granddaughter.

    In his time at Jeanne D’Arc, Cochran said he is most proud of the people he has developed and worked with.

    “It is rewarding to me to see people really fulfill their heart’s desire. We consciously hire people with what we call a heart to serve,” said Cochran. “Seeing people fulfill that, be all that they can be, even in leadership levels they understand what the importance of the credit union is and its place in the community and how to make it relevant.”

    Jeanne D’Arc Executive Board Chair Naomi Prendergast was not on the board when Cochran was first brought on, but joined it soon after in 2008.

    “Mark has been a tremendous leader for Jeanne D’Arc in both an internal and external way,” said Prendergast.

    Within the company, she pointed to the 48% rise in staffing levels since Cochran’s arrival, while the membership base more than doubled. Jeanne D’Arc’s assets have also risen from $600 million to $2.1 billion in that time.

    “He has also just become a fabric of this community, through his support of other boards and local nonprofits, and through the We Share A Common Thread Foundation, which helps us raise money for other nonprofits,” said Prendergast. “The Board of Directors greatly appreciates Mark’s work over the years.”

    In addition to the increase in assets, Jeanne D’Arc has also added four new branches in Dracut, Westford, Nashua and Methuen since Cochran was hired.

    Board Vice President John Chemaly was on the board and the search committee when Cochran was chosen as CEO, and said Cochran was the best out of a pool of “very admirable candidates.”

    “We were very lucky to have had four or five candidates who would have done a great job themselves, but Mark was just head and shoulders above the rest,” said Chemaly. “He promised us at the time, when we were a $600 million credit union, that he would get us to over $1 billion. Not only did he do that, he brought us to more than $2 billion.”

    Chemaly said it was Cochran’s “passion and experience” as a credit union CEO that stood out to him over the other candidates when the board made the decision to hire him.

    “We thought he could bring that expertise to Lowell, and to Jeanne D’Arc and the community at large. He made Jeanne D’Arc relevant in the community for our members,” said Chemaly. “He was an outsider that stepped into the role of an insider, and he has really married this community, and the community has married him.”

    As Jeanne D’Arc looks to decide who will be the next CEO, Chemaly said they are ideally looking for “someone like Mark.”

    The board is employing executive search and leadership development firm DDJ Myers to assist Jeanne D’Arc in its search for the next CEO, a process that will include both internal and external candidates.

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    Peter Currier

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