A $22.2-million-tax-exempt bond was recently issued by MassDevelopment on behalf of Walnut Street Phase One 4 LLC for the construction of 80 units of affordable senior housing at 51 Walnut St. in Foxborough. The project is a joint venture between Affordable Housing and Services Collaborative, Inc., Peabody Properties, Inc., and The Onyx Group, with the site being previously owned by the Commonwealth of Massachusetts before being conveyed to the Foxborough Housing Authority in 2017.
This development marks the first phase in a larger plan to build a total of 200 new units for seniors at this location. Citizens Bank purchased the tax-exempt bond while federal low-income housing tax credits will contribute approximately $15.1 million towards equity.
According to acting MassDevelopment president and CEO Dan O’Connell, this is an impressive accomplishment for Foxborough and showcases how their organization can support economic development projects throughout all stages.
