LOWELL -- Where students once learned their Three Rs, residents will now be able to catch a few Zs on the sofa on a Saturday afternoon.
That's because the Coalition for a Better Acre is finishing a $4.8 million project converting the former St. Joseph School on Moody Street into 15 apartments classified as affordable housing.
The coalition got about 200 applications for the apartments and held a lottery for the winners who can start moving in toward the end of July.
There are one-, two-, and three-bedroom apartments. An average two-bedroom will rent for $950 monthly with utilities, said Madeline Nash, the director of real estate development for the agency.
Eight of the units are classified as project-based rent subsidies so the renters only pay 30 percent of their income toward rent, she said.
"It's great. It's clean, they have modern facilities," said Peter McGarry of Westford, who is a member of the coalition's finance committee.
The coalition held the official ribbon cutting yesterday to coincide with the 25th annual National NeighborWorks Week. The not-for-profit NeighborWorks America mobilizes people across the country to celebrate community involvement and encourage neighborhood improvements, said Hilary Marcus of NeighborWorks.
Anthony W. Macchi, project manager for Winslow Architects of Arlington, said the firm retained elements of the school.
"It was such a fun project to work on because you could sense the history when you walked in," he said.
His favorite parts are the soaring 10- to 16-foot ceilings and large windows, but architect John Winslow also preserved original wainscoting where he could and replaced it where needed to keep the schoolhouse feel. He also kept large metal support beams in open space rather than hiding them in walls.
Enterprise Bank loaned $330,000 and multiple state, federal and city agencies provided deferred loans that do not need to be paid back as long as the apartments are rented at affordable guidelines, Nash said.
After the ribbon-cutting, the coalition held a Taste of the Acre fundraiser to raise money for a playground.
The coalition is hoping to get funding for a $6.5 million renovation of the former St. Joseph High School and create another 22 units, said coalition Executive Director Emily Weitzman Rosenbaum. If approved in July the project could start early next year and be done by year's end.