SOMERVILLE, MASS. — MassHousing has provided $17.8 million in financing for a 43-unit affordable housing project in Somerville, located just outside of Boston. MassHousing also issued tax-exempt housing revenue bonds to finance the project, with TD Bank providing another $22.8 million in construction financing. The capital stack also includes $21.2 million in federal and state tax credits. The site at 24 Webster Ave. previously housed a vacant commercial building, which has since been demolished to make way for a six-story building that will have studio, one-, two- and three-bedroom units. Residences will be reserved for households earning between 30 and 60 percent of the area median income. The borrower is nonprofit organization Just A Start.
The new affordable housing building at 24 Webster Ave. in Somerville, Massachusetts, will have bicycle storage, a property manager’s office, a community room and other indoor and outdoor common spaces.
MassHousing Provides $17.8M in Financing for Affordable Housing Project in Somerville, Massachusetts
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