BOSTON — MassDevelopment has provided $37.6 million in tax-exempt bond financing for an affordable housing conversion project in Boston. The project will convert the former Blessed Sacrament Church in the Jamaica Plain neighborhood, which was built in the early 1900s and served as an active parish until the early 2000s, into a 55-unit complex. The unit mix will consist of 17 studios, 25 one-bedroom residences and 13 two-bedroom apartments that will be reserved for households earning between 30 and 80 percent of the area median income. Six units will be specifically reserved for formerly homeless individuals. Construction is underway and is expected to be completed in early 2028. The developer is a partnership between an affiliate of Pennrose and the local nonprofit Hyde Square Task Force. Citizens Bank purchased the bond.
Local nonprofit Hyde Square Task Force first purchased the former Blessed Sacrament Church at 361 Centre St. in Boston in 2014. The capital stack for the conversion also includes $32.8 million in federal low-income housing tax credit equity.
MassDevelopment Provides $37.6M in Bond Financing for Affordable Housing Conversion Project in Boston
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