Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MassHousing Provides $66M in Affordable Housing Financing for South Boston MF Project
MassHousing provided $66.1 million in affordable housing financing to Beacon Communities LLC, for the redevelopment of public housing at the Anne M. Lynch Homes at Old Colony in South Boston.
Originally constructed in 1940, Old Colony is one of the oldest federal public housing developments in the country. Beacon Communities and the Boston Housing Authority (BHA) are redeveloping the 845-unit Old Colony development in multiple phases.
MassHousing is providing Beacon Communities with a total of $14.9 million in tax-exempt permanent financing, $13.6 million in tax-exempt bridge financing, $33.2 million in construction financing, and a $4.5 million taxable construction and permanent loan. Additional funding sources include a total of $32.8 million in federal and state Low-Income Housing Tax Credit equity, and $8.8 million in funding from the BHA.
For comments, questions or concerns, please contact David Cohen
- ◦Development
