BOSTON – MassDevelopment has issued $151.7 million in tax-exempt bonds on behalf of affiliates of public housing authorities in Brookline, Cambridge, Framingham, and Medford, which will use bond proceeds to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities, and people experiencing chronic homelessness.
Additionally, the bond proceeds will be used to create 46 new affordable apartments and upgrade common areas, facilities and infrastructure, safety systems, and landscapes.
“Massachusetts’ housing shortage demands that we do all we can to modernize and preserve existing affordable housing units for our most vulnerable neighbors,” said MassDevelopment President and CEO Dan Rivera. “That’s why MassDevelopment is pleased to collaborate with our banking partners to support public housing authorities like those in Brookline, Cambridge, Framingham, and Medford. This significant tax-exempt financing will advance major renovations and expansions to housing facilities for families, seniors, people living with disabilities, and those experiencing chronic homelessness.”
Framingham Housing Authority
Framingham Housing Authority, will use $22 million in bond proceeds to renovate 68 units of affordable multifamily housing.
Constructed in the 1950s, Carlson Crossing West includes 17 buildings on eight acres of land. The units consist of 12 one-bedroom apartments, 20 two-bedroom apartments, 32 three-bedroom apartments, and four four-bedroom apartments.
Citizens Bank purchased the bond.
The proposed renovations will focus on building and energy code issues and other critical upgrades to infrastructure. Improvements will also incorporate green, sustainable, and other climate-resilient elements.
In addition to the tax-exempt bonds, MassDevelopment assisted DHCD with the approval of federal low-income housing tax credits that will provide approximately $19.7 million in equity for the project.
“Citizens is pleased to partner with MassDevelopment on these impactful affordable housing initiatives,” said Citizens Executive Vice President and Head of Community Development Reza Aghamirzadeh. “At Citizens we are committed to working collaboratively with partners to help address critical needs in our communities and to help build a more equitable and sustainable future for all those we serve.”
“MassDevelopment has played a critical role in the successful financing of the Carlson Crossing West project providing the Framingham Housing Authority (FHA) with $22 million in tax-exempt bond financing in conjunction with Citizens Bank,” said Framingham Housing Authority Executive Director Paul Landers.
“As a result, the FHA was able to complete the financing of this project and commence of the redevelopment under the HUD Section 18 Disposition program of this former federal public housing project that was originally constructed back in the 1950s. MassDevelopment’s timely commitment to the Carlson Crossing West project was a catalyst in ultimately securing DHCD funding commitments that included 4% Low-Income Housing Tax Credits and State Low-Income Housing Tax Credits, ARPA funds, WestMetro HOME Consortium funds as well as City of Framingham financing and permanent financing from the Massachusetts Housing Partnership,” said Landers.
“Working with MassDevelopment on a challenging development schedule and its continuous support of this project has demonstrated MassDevelopment’s commitment to affordable housing projects like the Carlson Crossing West Project at a time when such commitments are essential to expanding affordable housing opportunities for low and moderate-income families,” said Landers.