MassHousing Provides $14M Renovation Loan for Boston Community
- Feb 06, 2019
The Boston Housing Authority has selected Beacon Communities to oversee the rehabilitation of Camden Apartments in Boston and manage the affordable property through a 99-year ground lease agreement. MassHousing provided a $5.9 million tax-exempt permanent and construction loan, an $8.1 million tax-exempt bridge loan and generated $6.8 million in LIHTC equity. Additional funding included almost $4.2 million in federal and state historic tax credit equity, $5.8 million in state public housing funds from The Massachusetts Department of Housing and Community Development, a $5.6 million seller note and $500,000 granted by the Federal Home Loan Bank of Boston.
Located at 50 Camden St., the Lower Roxbury property offers one-, two- and three-bedroom apartments. Out of the 72 units, eight will be reserved for households earning at or below 30 percent of the Area Median Income (AMI) and the rest will be for households with income at or below 60 percent of AMI. According to MassHousing, the median income in Boston for a four-member family is $107,800.
“Massachusetts has one of the country’s largest state-aided public housing portfolios, and it is critical that these homes be well-positioned to serve the needs of the Commonwealth’s residents, now and well into the future,” said Chrystal Kornegay, executive director at MassHousing, in prepared remarks. “Beacon Communities, the Boston Housing Authority, and the Massachusetts Department of Housing and Community Development, all share MassHousing’s mission of creating housing communities that stabilize families and promote economic prosperity.”
The renovation team will include contractor Cruz Construction, architect The Architectural Team and Beacon Residential Management as the management agent. The project is estimated to generate more than 60 full-time jobs by the time it is slated for completion in mid-2020. The renovations will include window and door replacements, new plumbing, hot water and electrical systems and exterior masonry repairs, to an estimated $14.3 million cost.
Last December, MassHousing provided Princeton Properties and Parse Capital a $23.6 million loan for a recently completed Boston-area community.
Image courtesy of The Architectural Team