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Boston & New England  + Metro Boston  + Finance  |  March 29, 2023
Paul Bubny
By: Paul Bubny

MassDevelopment Issues $152M in Bonds for Four Affordable Projects

MassDevelopment has issued $151.7 million in tax-exempt bonds on behalf of affiliates of public housing authorities in Brookline, Cambridge, Framingham and Medford, which will use bond proceeds to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness.  

Additionally, proceeds will be used to create 46 new affordable apartments and upgrade common areas, facilities and infrastructure, safety systems, and landscapes. 

The projects that will be financed through bond proceeds include the following: 

  • Brookline Housing Authority: $40,625,000 in bond proceeds to renovate Sussman House at 50 Pleasant St. 
  • Cambridge Housing Authority:  $21,075,000 in bond proceeds to renovate and expand 116 Norfolk St. in Cambridge. 
  • Framingham Housing Authority: $22 million in bond proceeds to renovate 68 units of affordable multifamily housing at Carlson Crossing West. 
  • Medford Housing Authority: $68 million in bond proceeds to renovate the Saltonstall Building at 121 Riverside Ave. 

Pictured: The existing 116 Norfolk St. in Cambridge.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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