Multi Residential

$152M in Bonds Issued to Expand Affordable Housing in Massachusetts

Sussman House at 50 Pleasant St. / Rendering courtesy of Brookline Housing Authority

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.

Brookline Housing Authority

An affiliate of Brookline Housing Authority, 50 Pleasant LLC will use $40,625,000 in bond proceeds to renovate Sussman House at 50 Pleasant St. in Brookline. Built in 1969, Sussman House is a 100-unit, 9-story affordable rental housing facility for seniors and individuals living with disabilities. Eastern Bank purchased the bond.

Renovations will include installation of a new roof, windows and exterior cladding system, elevators, trash room, and laundry room, and an updated central VRF heating and cooling system. All 100 units will be updated. Exterior landscaping will include more walking paths, gardening beds, and a newly paved parking lot.

In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development (DHCD) with the approval of federal low-income housing tax credits that will provide approximately $38.9 million in equity for the project.

Cambridge Housing Authority

116 Norfolk St. / Rendering courtesy of Cambridge Housing Authority

An affiliate of Cambridge Housing Authority (CHA), 116 Norfolk Apartments LLC will use $21,075,000 in bond proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge. The property, built in 1920, will be converted from 38 single-room occupancy units into studio apartments with their own kitchens and full bathrooms. Bond proceeds will also be used to build a 25,000sf addition to house 24 new studio apartments. All 62 apartments will be affordable and will serve as permanent supportive housing for people who have experienced chronic homelessness and/or are elderly or living with disabilities. Cambridge Trust Company purchased the bond.

In addition to the tax-exempt bonds, MassDevelopment assisted DHCD with the approval of federal low-income housing tax credits that will provide approximately $21 million in equity for the project.

Framingham Housing Authority

Carlson Crossing West / Rendering courtesy of Framingham Housing Authority

Carlson Crossing West LLC, an affiliate of 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. 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.

Medford Housing Authority

Saltonstall Building at 121 Riverside Ave. / Rendering courtesy of Medford Housing Authority

MHA Saltonstall, LLC, an affiliate of Medford Housing Authority, will use $68 million in bond proceeds to renovate the Saltonstall Building at 121 Riverside Ave. in Medford. Built in 1968, the Saltonstall Building is a 200-unit, 11-story affordable rental housing facility for seniors and individuals living with disabilities. Citizens Bank purchased the bond.

Renovations will include the replacement of existing plumbing, electrical, and ventilation systems; replacement of masonry facade and replacement/removal of balconies; and full modernization of all building interiors and apartment finishes. Bond proceeds will also be used to add 22 new one-bedroom units to the existing building.

In addition to the tax-exempt bonds, MassDevelopment assisted DHCD with the approval of federal low-income housing tax credits that will provide approximately $55.7 million in equity for the project.