The Community Builders, Inc. (TCB) has secured both public and private financing for their redevelopment project on Morrissey Boulevard in Boston. The former hotel will be transformed into 99 new Section 8 studio apartments with supportive services provided by Pine Street Inn for individuals transitioning out of homelessness. These units will be affordable to those earning up to 30% of the area median income and will incorporate green and energy-efficient features.
In addition to the residential units, TCB plans to repurpose the ground floor of the building into office and community spaces. The existing hotel rooms on floors two through five will also undergo renovations to become studio apartments. TCB will manage the property while Pine Street Inn offers onsite support services for residents.
To fund this development, TCB has received financial backing from various sources including: City of Boston, MassHousing, Massachusetts Executive Office of Housing and Livable Communities, Eastern Bank, Community Economic Development Assistance Corporation as well as federal and state Low-Income Housing Tax Credits allocations.
