MassDevelopment recently issued a $21.8 million tax-exempt bond to CCC River LLC, an affiliate of B’nai B’rith Housing of New England, Inc., for the development of a mixed-use building in Boston’s Hyde Park. The bond was purchased by Eastern Bank and additional financing was provided by them as well. Approval from the Massachusetts Executive Office of Housing and Livable Communities resulted in federal low-income housing tax credits worth approximately $16.1 million being contributed towards this project.
The upcoming development will consist of 63 affordable senior rental units along with ground-floor retail space, replacing an underutilized commercial area. This building will be LEED and Passive House certified while also being solar-ready. These units are intended for households earning up to 30%, 50%, or 60% of the area median income and offer amenities such as a community room, fitness center, library, courtyard, on-site parking facilities,and resident service coordination for aging in place.
According to Secretary Ed Augustus from the Departmentof Housingand Livable Communities,”Our seniors are oneofthe most vulnerable populations when it comes to housingin Massachusetts.” He further added that at a stage where they should be enjoying their retirement years,the high costofhousing puts them at risk.This new development featuring63affordable apartmentsfor seniorsin Bostonwill havea significant impacton improvingtheir qualityof life.
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