MassDevelopment has issued more than $95 million in tax-exempt bonds to six affordable housing development projects in Boston.
The bonds were issued on behalf of UW4 Limited Partnership, Trinity Northampton Phase Two Limited Partnership, Mandela Preservation LLC, Madison Botolph II Limited Partnership, Caritas Project Place Cortes LLC and Walnut Washington Apartments LLC. In total, the six projects will add 35 affordable units and preserve 533 existing affordable units in Boston’s housing supply. The projects include the following:
• UW4 Limited Partnership, sponsored by VietAID, received $7.7 million in bond proceeds to construct a 35-unit affordable multifamily rental housing development in the Four Corners section of Dorchester, that offers community space, outdoor sitting and play areas. All 35 units will be rented to households earning no more than 60 percent of the area median income, and nine units will be set aside for homeless families. Federal low income housing tax credits provided approximately $5.4 million in equity for the project.
• Trinity Northampton Phase Two Limited Partnership, sponsored by Trinity Financial, will use $18 million in bond proceeds to acquire and renovate Harrison Tower, a 102-unit, 12-story rental housing facility in the South End. All 102 units will be affordable to households earning no more than 60 percent and 70 percent of the area median income, seven units will be retrofitted to be fully handicapped-accessible and 13 units will be available to clients from the Boston Public Health Commission’s Homeless Bureau. Federal low income housing tax credits provided approximately $11 million in equity for the project.
• Mandela Preservation LLC, sponsored by Beacon Communities, received $40 million to acquire and renovate Mandela Homes, a 276-unit apartment community in the South End that features a computer learning center and conference space. All 276 apartments are affordable. Federal low income housing tax credits provided approximately $20 million in equity for the project.
• Madison Botolph II Limited Partnership, sponsored by Madison Park Development Corp., received $14.5 million in bond proceeds to acquire and renovate St. Botolph Terrace, a 52-unit multifamily rental housing complex in Back Bay. Fifty units will be rented to households earning no more than 60 percent of the area median income. Federal low income housing tax credits provided approximately $6.9 million in equity for the project.
• Caritas Project Place Cortes LLC, sponsored by Caritas Communities, used $5.25 million in bond proceeds to acquire and renovate a licensed lodging house located on Cortes Street, converting it into a 40-unit affordable housing development plus a unit for the building manager. All of the newly reconfigured rental units will be rented to households earning no more than 50 percent of the area median income. Federal low income housing tax credits provided approximately $3.6 million in equity for the project.
• Walnut Washington Apartments LLC, sponsored by Urban Edge, received $10.1 million in bond proceeds to acquire, renovate and preserve Walnut Washington Apartments, a 65-unit multifamily rental housing facility located in Roxbury and Jamaica Plain. All 65 units will be affordable. Federal low income housing tax credits provided approximately $6.1 million in equity for the project.
MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits totaling $53 million in equity for the projects.
“The development and preservation of 568 affordable housing units will help maintain and expand supply in Boston’s housing market,” MassDevelopment President and CEO Marty Jones said in a statement. “MassDevelopment is thrilled to work with local developers to offer a range of affordable housing options to Bostonians.”