MassDevelopment, Eastern Bank Issue $22M Bond to Build Boston MXU 

MassDevelopment has issued a $21.8 million tax-exempt bond to CCC River LLC, an affiliate of B’nai B’rith Housing of New England, Inc., to develop a mixed-use building in Boston’s Hyde Park. Eastern Bank purchased the bond and provided additional financing. The Massachusetts Executive Office of Housing and Livable Communities approved federal low-income housing tax credits, contributing approximately $16.1 million in equity. 

The project will feature 63 affordable senior rental units and ground-floor retail, replacing an underutilized commercial space. The building will be LEED and Passive House certified and solar-ready. The units will be rented to households earning up to 30%, 50%, and 60% of the area median income. The development includes amenities like a community room, fitness center, library, courtyard, and on-site parking, with on-site resident service coordination for aging in place.  

“Our seniors are one of the most at risk populations when it comes to housing in Massachusetts,” said Secretary of Housing and Livable Communities Ed Augustus. “At a time when they should be enjoying the fruits of their labor, they are threatened with the cost of housing that’s at an all-time high. These 63 affordable apartments for seniors in Boston will make a material difference in the lives of those who live there.”