BOSTON — MassDevelopment has provided $45.2 million in tax-exempt bond financing for a 96-unit affordable housing project that will be located at 127 Amory St. in the Jamaica Plain area of Boston. Developed in partnership with the Boston Housing Authority, the building will offer 12 three-bedroom units, 51 two-bedroom units and 33 one-bedroom units, the majority of which (86 residences) will be reserved for households earning between 30 and 80 percent of the area median income. The other 10 units will be set aside for formerly homeless individuals or families. The building will also have 3,800 square feet of community space and a central green area. The borrower is an affiliate of The Community Builders Inc. Eastern Bank purchased the bond. The capital stack also includes $40 million in federal Low-Income Housing Tax Credits and a $15 million construction loan from Cambridge Savings Bank.
Within the new affordable housing complex at 127 Amory St. in Boston, 31 units will be rented to households earning up to 80 percent of area median income (AMI), which translates to $130,560 for a four-person household. Another 27 units will be reserved for households earning up to 60 percent of AMI, and 38 units will be earmarked for households earning up to 30 percent of AMI.
MassDevelopment Provides $45.2M in Bond Financing for Boston Affordable Housing Project
55