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Financing Lined Up for Redeveloping Boston Hotel into Section 8 Housing
Public and private financing is in place for The Community Builders, Inc. (TCB) to redevelop a former hotel on Boston’s Morrissey Boulevard into 99 new Section 8 studio apartments with supportive services through Pine Street Inn for individuals moving out of homelessness. 900 Morrissey Blvd. will be developed with green and energy-efficient components and affordable to individuals earning up to 30% of the area median income.
The ground floor of the former hotel will be adapted to create office and community spaces, while existing hotel rooms on floors two through five will be converted into 99 studio apartments. TCB will manage the property and Pine Street Inn will provide onsite services for residents.
TCB is developing 900 Morrissey Blvd. with financing from the City of Boston, MassHousing, the Massachusetts Executive Office of Housing and Livable Communities, Eastern Bank, the Community Economic Development Assistance Corporation and the allocation of federal and state Low-Income Housing Tax Credits.
- ◦Development
- ◦Financing
