Affordable Housing Project at 278 Maynard Road Goes Into Foreclosure

SUDBURY, MA — The Sudbury Housing Trust has been, and will continue, to work with anyone interested who can complete the affordable housing project at 278 Maynard Road in Sudbury.

A foreclosure notice will be issued this week by Enterprise Bank, who holds the construction loan for the property, announced the town.

The 278 Maynard Road project, sponsored by the Sudbury Housing Trust, consists of constructing three affordable housing units that will be purchased by eligible families and permanently deed restricted with the affordability requirement (the “Project”).

According to the announcement, the bank plans to conduct a foreclosure auction on Dec. 14. The Project is 75 percent complete, and after foreclosure it is expected that the project will be finished and the units ready for occupancy in 2017.

The Sudbury Housing Trust hired Transformations, Inc. as the Project developer. Transformations, Inc. has experienced financial difficulties with other properties, which have delayed the Project and contributed to the default and foreclosure, continues the announcement.

The remaining work on the Project includes items such as interior painting, flooring, HVAC installation and completion of electric work, site work and landscaping. The property has been secured and winterized and the project will be completed as soon as is feasible. In an update to Town officials, the Trust noted that it “has monitored this situation carefully and will continue to work with the appropriate parties toward a resolution that is fiscally responsible and advances the Town’s affordable home- ownership housing goals.”

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