The Community Economic Development Assistance Corporation has provided $200,000 in predevelopment financing and up to $900,000 in acquisition financing to Main South CDC for the 92 Grand St. project in Worcester.

Main South CDC plans to purchase and redevelop a vacant lot in the University Park/LoomWorks neighborhood to create 49 units of affordable housing.

The site is adjacent to the CDC’s successful revitalization effort in the Kilby-Gardner-Hammond section of the Main South neighborhood that resulted in the creation and rehabilitation of 71 units of affordable rental housing and 42 homeownership units.

The development of 92 Grand St., which has already received funding support from Clark University, the Boys & Girls Club, and the City of Worcester, will include 13 units of housing for extremely low-income households, 6 units will be fully accessible, and commercial space.