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MassHousing Provides $65M in Financing for Affordable Housing Community in Roxbury
MassHousing has provided a total of $64.7 million in affordable housing financing for the acquisition, rehabilitation and preservation of the 217-unit, Blue Mountain Apartments in Roxbury.
The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue neighborhood of Roxbury. The community was originally built in the early 1900s and was last rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission’s Historic Places inventory.
MassHousing is providing the non-profit NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, and $12.5 million in permanent financing for the land acquisition. The transaction also involved $35.5 million in federal Low Income Housing Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank, NA was the investor for the housing and historic tax credits.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
