Beacon Communities and the Chinese Consolidated Benevolent Association of New England, Inc. (CCBA) recently celebrated the groundbreaking of Pok Oi Residences, a new affordable housing development in Boston’s Chinatown neighborhood. The ceremony featured Josh Cohen from Beacon Communities and CCBA president Felix Lui as well as city and state officials. Construction began earlier this year with an expected completion date in late 2024.
In early 2019, CCBA identified potential for development on a former surface parking lot property and selected Beacon to be its partner after a competitive selection process. Designed to meet Passive House sustainability standards, Pok Oi Residences will include one-, two- and three-bedroom apartments when complete.
The project is funded through federal Low Income Housing Tax Credits (LIHTCs), state LIHTCs & operating subsidy from the Executive Office of Housing & Livable Communities; soft debt from the City of Boston Mayor’s Office; LIHTC equity from RBC Capital Markets; first mortgage loan by Massachusetts Housing Partnership; tax-exempt bonds issued by MassDevelopment & construction financing provided by Citizens Bank..
