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$22M Tax-Exempt Bond Supports Affordable Seniors Project in Foxborough
MassDevelopment recently issued a $22.2-million-tax-exempt bond on behalf of Walnut Street Phase One 4 LLC to build 80 units of affordable senior housing at 51 Walnut St. in Foxborough, a project developed by a joint venture including Affordable Housing and Services Collaborative, Inc., Peabody Properties, Inc., and The Onyx Group. The site, previously owned by the Commonwealth of Massachusetts, was conveyed to the Foxborough Housing Authority in 2017.
These units represent the first step in a multi-phase project to construct 200 new units of affordable senior housing at the site. The tax-exempt bond was purchased by Citizens Bank. In addition to the tax-exempt bond, federal low-income housing tax credits will provide approximately $15.1 million in equity.
“This is a major win for Foxborough and a great example of how MassDevelopment can assist at every stage of an economic development project,” said acting MassDevelopment president and CEO Dan O’Connell.
- ◦Development
- ◦Financing