FOR IMMEDIATE RELEASE
October 20, 2000
"We need to build quality homes that meet the needs of the elderly," Ryan said. "Helping Quincy renovate this vacant hotel will be great for the city's downtown and its citizens. It will provide an affordable place for senior citizens to live, while creating new jobs within the community."
The Department of Commerce and Community Affairs (DCCA) awarded the grant through the Community Development Assistance Program (CDAP). The City of Quincy will use this grant to extend a loan to Newcomb Place Limited Partnership for purposes of purchasing Newcomb Hotel from Newcomb Limited Liability Company.
"The CDAP grant was the last piece of the financing puzzle this project needed to get off the ground," DCCA Director Pam McDonough said. "We are glad to help Quincy get things moving and see them put life back into this historic hotel."
The project involves the rehabilitation of the vacated historic Newcomb Hotel into an 80 unit Medicaid funded Supportive Assisted Living Facility. The proposed project site is located downtown Quincy at the southeast corner of the town square. This location is pivotal to the city's continuing revitalization efforts in that it is located in the enterprise zone and tax increment financing district.