MassDevelopment has approved a $21,816,800 tax-exempt bond for CCC River LLC, a subsidiary of B’nai B’rith Housing of New England, Inc. The funds will be used to construct a mixed-use building in Boston’s Hyde Park neighborhood, which will include 63 units of affordable senior rental housing and ground-floor retail space.
The new building will replace an underutilized commercial space currently housing an auto repair shop. It will be built to LEED and Passive House standards, with the capacity to be solar-ready. The one-bedroom units will be available for households earning up to 30%, 50%, and 60% of the area median income.
Amenities for residents will include a community room, fitness center, library, central courtyard, and on-site parking. B’nai B’rith Housing will provide on-site resident service coordination to support aging in place. The organization established CCC River LLC to facilitate tax-exempt financing for the project, with Eastern Bank purchasing the bond to reduce capital costs.
In addition to the tax-exempt bond, MassDevelopment helped secure federal low-income housing tax credits totaling $16.1 million to support the project. Massachusetts Executive Office of Housing and Livable Communities Secretary Ed Augustus praised the initiative for providing much-needed affordable housing for seniors in Boston.
Acting MassDevelopment President and CEO Dan O’Connell emphasized the importance of affordable housing for seniors to create strong, healthy communities. Eastern Bank Senior Vice President Patricia Capalbo expressed enthusiasm for supporting the project and highlighted its positive impact on the Logan Square neighborhood.
B’nai B’rith Housing is dedicated to addressing the housing crisis in Greater Boston by collaborating with communities to develop affordable housing options. Executive Director Susan Gittelman expressed gratitude for the community’s support and the funding provided by organizations like MassDevelopment.
Overall, the project aims to address the critical need for affordable housing for seniors in Hyde Park and contribute to the community’s well-being.
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