Brookline, MA – MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority (BHA), which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood.
The new one-bedroom units will be rented to households earning no more than 60% of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also be used to build 32 parking spaces. Construction began in January and is expected to be complete in December 2025. Project sponsor BHA created a for-profit affiliate, 32 Marion Apartments LLC, for the purposes of facilitating this tax-exempt financing. Eastern Bank and Rockland Trust purchased the bond, which helped 32 Marion Apartments LLC achieve a lower cost of capital.
“This project will bring vibrancy and opportunity to Brookline by replacing outdated housing facilities with 115 new affordable apartments where seniors and individuals with disabilities can live; take advantage of nearby transit, restaurants, and amenities; and contribute to the community,” said MassDevelopment president and CEO, Dan Rivera.
In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $38 million in equity for the project. Additional sources of funding for the project include state tax credits, funding from the Town of Brookline, and loans.
“The BHA is delighted to continue the redevelopment of its affordable housing portfolio by realizing our plan to replace 60 outdated public housing units in the resource-rich Coolidge Corner neighborhood of Brookline with 115 units of affordable housing in an energy-efficient, state of the art building,” said BHA director of redevelopment, Maria Maffei. “32 Marion Apartments is the largest affordable housing development in Brookline since the 1970s. By providing project-based Section 8 for all units, we can ensure that the housing is affordable to households with the least ability to pay.”
