MassHousing Provides $37M in Financing for Mixed-Income Community in Mattapan Square
MassHousing, along with non-profit Preservation of Affordable Housing (POAH) and the City of Boston has provided $36.5 million in affordable housing financing for the development of the 135-unit The Loop Mattapan Station, a new affordable and workforce housing community in Mattapan Square.
POAH is developing the Loop at Mattapan Station on an underutilized MBTA parking lot adjacent to the Mattapan trolley line station. The 135 apartment homes and 10,000 square feet of first-floor retail space will be contained in a six-story building. All 135 apartment homes will be deed-restricted and affordable to households across a broad range of incomes, from very low income residents to moderate-income families, and will include 30 new workforce housing units.
MassHousing provided a total of $36.5 million in affordable housing financing to POAH affiliates in a pair of related transactions. The Agency provided POAH with a total of $17.4 million in permanent financing, $16.1 million in tax-exempt bridge financing, and $3 million from the Agency’s Workforce Housing Initiative. Additional financing for the project included a total of $39.3 million in tax credit equity from an allocation of Low Income Housing Tax Credits (LIHTC), allocated by the Massachusetts Department of Housing and Community Development.
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