Boston – MassHousing has closed on a total of $64.7 million in affordable housing financing to the non-profit NHP Foundation for the acquisition, rehabilitation and preservation of the historic, 217-unit, Blue Mountain Apartments in Roxbury. As a result of the transaction, all 217 homes at the Blue Mountain Apartments will remain affordable to low-income households through at least 2045.
MassHousing is providing the NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, and $12.5 million in permanent financing for the land acquisition.
The transaction also involved $35.5 million in federal Low Income Housing Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank, NA was the investor for the housing and historic tax credits.
The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue neighborhood in Roxbury. The affordable housing community was originally built in the early 1900s and was last substantially rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission’s Historic Places inventory.
All 217 units are subsidized by federal Section 8 Project Based Vouchers, which will be extended 25 years through 2045. There are 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and 5 five-bedroom apartments.
Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacement, apartment, kitchen and bathroom upgrades, accessibility upgrades, and upgrades to the buildings’ HVAC, plumbing and electrical systems.
The general contractor is Haynes Construction. The architect is Davis Square Architects and the management agent is United Housing Management.
