Boston Capital Invests in Virginia Affordable Housing Development
- Mar 10, 2011
Stuarts Draft, Va.–Boston Capital Corp. has agreed to become the latest investor in the construction of Montague Terrace Apartments, an affordable multifamily development in Stuarts Draft, Va. The company did not specify the size of its investment, but it does join other entities as funding sources, including the Virginia Housing Development Authority Low income Housing Tax Credit Program, the Federal Home Loan Bank of Atlanta, Commonwealth of Virginia Department of Housing and Community Development HOME Funds and Bank of America.
Comprised of four buildings located on 4.8 acres, Montague Terrace will feature 56 two-bedroom, two-bath units and 40 three-bedroom, two-bath units. Common amenities include a clubhouse with a community room, kitchen, laundry facility, playground and barbecue/picnic area. Units will feature dishwashers, central air conditioning, washer/dryer hook-ups and high-speed Internet.
The development’s general partner, the Humanities Foundation Inc., is a Mount Pleasant, S.C.-based nonprofit that promotes affordable housing through development, rental and utility assistance, homelessness prevention, and advocacy and education. When Montague Terrace is completed later this spring, units will be available to families earning 60 percent or less of area median income.
Boston Capital, headquartered in Boston, is a major investor in apartment properties, specializing in both tax-advantaged investments in affordable multifamily housing and equity investment in market-rate properties. The company’s current holdings include more than 2,400 multifamily apartment properties in 49 states and the District of Columbia, totaling more than 158,900 apartments with a development cost in excess of $12 billion.
“While the future of housing programs may come into question with the current budget-cutting in Washington, D.C. and state capitols around the country, we believe developments like Montague Terrace demonstrate the effectiveness and efficiency of the public/private partnership that is the Low Income Housing Tax Credit program,” Jack Manning, president and CEO of Boston Capital, tells MHN. “As the only national production program for affordable housing, with a track record of over 2 million units of housing developed since its creation, we believe the government appreciates how difficult it would be to duplicate or replace the LIHTC.”