MassDevelopment recently announced a $4 million low-cost financing package for Lawrence-based developer Jupiter IV LLC to rehab 35 low-income units in the city. 

The real estate development firm will use proceeds from tax-exempt bonds purchased by Enterprise Bank to acquire and renovate the vacant American Woolen Mills Townhouses complex on Prospect, Washington and Wood ways in Lawrence. 

When renovations are finished, the project’s 35 brick townhouse units will be designated affordable, with 11 of the units offered to families earning at or below 30 percent of the area median income, and the balance offered to individuals and families earning at or below 60 percent of the area median income, the organization said.

The first 14 units are open and serve as transitional housing for homeless families.   

"Now more than ever, we must replenish and renew the commonwealth’s affordable housing stock by providing cost effective financing solutions for developers of these projects," said Robert L. Culver, MassDevelopment president/CEO. "We are pleased to partner with Enterprise Bank to help bring this 100 percent affordable housing facility back online."

Construction on the remaining units is underway with completion expected in July.