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Fenway CDC, Schochet $26M Acquisition Preserves Affordability of Roxbury Multifamily
Fenway Community Development Corporation and development partner Schochet Companies have completed the $26-million acquisition and $18 million in renovations resulting in the preservation of 97 units of affordable housing at the Newcastle Saranac Apartments in the South End/Lower Roxbury neighborhood of Boston, MA. The buildings were constructed in the 1890s.
Of the 97 units, 82 are affordable to households earning at or below 80% AMI with eight of those units being supported by project- based Section 8 rental subsidy and 30 supported by Massachusetts Rental Voucher Program vouchers. Sixty-nine units are affordable to households earning at or below 60% AMI.
Support from the City of Boston’s Acquisition Opportunity Program allowed the Fenway CDC to purchase the building, protecting existing tenants from displacement and preserving the long-term affordability of the mixed-income property.
The program offers affordable housing developers the ability to pre-qualify for a set amount of funding, thereby allowing them to be more competitive in Boston’s fast-moving real estate market.
- ◦Sale/Acquisition
