Beacon Communities and the Chinese Consolidated Benevolent Association of New England, Inc. (CCBA) celebrated the groundbreaking of Pok Oi Residences, a new affordable housing development in Boston’s Chinatown neighborhood. The ceremony featured speakers including Beacon Communities’ Josh Cohen and CCBA president Felix Lui as well as city and state officials. Construction began earlier this year and is expected to be completed in late 2024.

CCBA recognized the development potential of the former surface parking lot property and selected Beacon as its development partner in early 2019, after a competitive selection process. Designed to meet Passive House sustainability standards, Pok Oi Residences will include a mix of one-, two- and three-bedroom apartments.

The project is financed via federal LIHTCs, state LIHTCs and operating subsidy from the Executive Office of Housing and Livable Communities, soft debt from the City of Boston Mayor’s Office of Housing, LIHTC equity from RBC Capital Markets, a first mortgage from Massachusetts Housing Partnership, tax-exempt bonds issued by MassDevelopment and construction financing from Citizens Bank.