Boston Capital Invests in a Community Rehabilitation
- Dec 02, 2015
Boston—Boston Capital is looking to get involved with the rehabilitation of Federalsburg Square in Federalsburg, Md. The community is the combination of two existing multifamily properties for families in Denton and Federalsburg, which are 17 miles apart. The development will feature 88 units and will use tax credit equity from the Low Income Housing Tax credit program. Boston Capital will invest in the renovation with general partner, Severn Development.
Homes within the community will available to families earning 60 percent or less of the Area Median Income. Federalsburg Square will feature 44 one-bedroom and 44 two-bedroom apartments. Every unit will offer patios or balconies, dishwashers and thru-wall air conditioning. Renovations will include new Energy Star windows, light fixtures and kitchen appliances, entry doors, flooring, bath fixtures, HVAC systems, water heaters, window coverings, paint, kitchen cabinets, sinks and more.
Both of the involved communities will also go through extensive renovations such as the replacements of roof shingles, sidings, new lighting, improved laundry rooms and enhanced air sealing and insulation. The Denton property will include a new 900-square-foot community center featuring a kitchenette, computer/learning center, library nook and a management/leasing office.
The community looks to generate $2.8 million in local salaries and create nearly 30 new job opportunities in the area. Boston Capital’s investment in this combined project adds 88 affordable homes to its portfolio.
“Boston Capital is pleased to partner with Arthur Edwards, Jr. and Jeff Paxson, principals of co-developers Severn Development and Pax-Edwards LLC, to bring much-needed housing to Denton and Federalsburg,” said Jack Manning, president and CEO of Boston Capital. “Our residents of these two outstanding properties will benefit from the communities’ proximity to health care and education facilities, retail centers and public transportation.”