MassHousing has closed on $16.8 million in affordable housing financing to the non-profit Affordable Housing and Services Collaborative and Peabody Properties for the redevelopment of a three-story property in the Boston, MA submarket of Charlestown into 48 units of affordable, independent living housing for senior citizens.

MassHousing is providing the development team with a $2.9 million construction and permanent loan and a $13.9 million bridge loan. Other financing sources include $14.6 million in Low Income Housing Tax Credit equity, $2.1 million from the Massachusetts Department of Housing and Community Development, $2 million from the Affordable Housing Trust Fund, (which MassHousing manages on behalf of DHCD) and a $1 million sponsor loan.

 Zelma Lacey House will consist of nine studio apartments, 38 one-bedroom apartments and one two-bedroom apartment. Thirteen of the apartments will be subsidized with a federal Section 8 Housing Assistance Payment contract with seven of those units restricted to households earning up to 30% AMI and six units restricted to households earning up to 50% AMI. An additional unit will be restricted to a household earning up to 50% AMI and 34 units will be restricted to households earning up to 60% AM.

The general contractor will be NEI General Contracting, Inc, the architect is The Architectural Team and the management agent will be Peabody Properties.