MassDevelopment Issues $30.8M Bond for Complete Reconstruction of Cambridge Community
- Mar 28, 2016
Cambridge, Mass.—MassDevelopment, Massachusetts’ finance and development agency, recently issued a $30.8 million tax-exempt bond on behalf of Jefferson Park Apartments LLC, an entity associated with the Cambridge Housing Authority.
The bond proceeds will be used for the demolishing and reconstruction of the fully-affordable Jefferson Park multifamily community in Cambridge, Mass. Bank of America has been named as bond purchaser. The project will benefit from federal low income housing tax credits that will provide in excess of $25 million in equity.
Sitting at 1 Jackson Place, the six-building, 108-unit property was built in 1950 as housing for World War II veterans and their families. The Massachusetts Department of Housing and Community Development has ruled the 10.7-acre site, as it stands now, as obsolete, calling for demolition of the North Cambridge buildings. Since initial completion, the community owned and managed by the Cambridge Housing Authority has provided affordable housing for families and individuals, and it will continue to do so after redevelopment.
The rebuilding will create a total of 104 units; consisting of 32 one-, 53 two-, and 19 three-bedroom units. Other additions will include private entrances for each unit and private outdoor areas.
“Providing affordable housing in Cambridge remains crucial in one of the Commonwealth’s most competitive housing markets,” said Marty Jones, president & CEO of MassDevelopment, in a prepared statement.
Rendering courtesy of MassDevelopment