Stoddard West Apartments will be a 50-unit apartment project for low-income families.
The $24 million project should be ready to accept its first families by July 2019.
Rents for families in the 30 percent category will range from $479 to $635 a month.
The project will have one-, two- and three-bedroom apartments, with eight receiving Section 8 rent subsidy vouchers.
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The Charities Aid Foundation has set up a scheme, called the Social Enterprise Assist, that will render interest-free loans of up to £10,000 each to help social enterprise start-ups.