MassDevelopment Issues $151M in Bond Financing for Affordable Housing Projects Near Boston

by Jeff Shaw

BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford.

The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping.

Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room.

Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 new studio apartments at the community.

Medford Housing Authority will use $68 million in proceeds to renovate the Saltonstall Building in Medford, which is five miles northwest of Boston. Built in 1968, the property is a 200-unit, 11-story affordable housing facility for seniors and individuals living with disabilities. Renovations include updated building interiors, as well as the replacement of plumbing, electrical and ventilation systems. Medford Housing Authority will also add 22 new one-bedroom units to the existing building.

Framingham Housing Authority will use $22 million in proceeds to renovate Carlson Crossing West in Framington, 20 miles west of Boston. Constructed in the 1950s, the community includes 68 units of affordable housing across 17 buildings. Renovations will focus on addressing building and energy code issues, as well as upgrading the property’s infrastructure.

In addition to the tax-exempt bond funding from the state, the properties received a total of $135.3 million in federal Low-Income Housing Tax Credit (LIHTC) equity.

“Massachusetts’ housing shortage demands that we do all we can to modernize and preserve existing affordable housing units for our most vulnerable neighbors,” says Dan Rivera, president and CEO of MassDevelopment.

— Channing Hamilton

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