Rockland, MA – MassDevelopment has issued a $7 million tax-exempt bond on behalf of NHS Copley Gardens LLC, an affiliate of NeighborWorks Housing Solutions (NHS), which will use proceeds to renovate Copley Gardens, an 83-unit multifamily rental housing facility in Rockland. Boston Private, a Silicon Valley Bank company, purchased the bond.
Renovations will include replacing exterior siding, installing new windows, upgrading common areas and select kitchens and bathrooms, completing masonry repointing, major plumbing repairs, and electrical upgrades. Additionally, five units will be modified to meet accessibility requirements, and the fire alarm protection system will be replaced.
Copley Gardens consists of three buildings featuring two studio units, 36 one-bedroom units, and 45 two-bedroom units. Currently, 63 of these units are affordable and 20 are rented at market rate. As part of this financing, 10 of the market-rate units will be converted to affordable units rented to households earning no more than 60% of the area median income, which is $80,520 for a four-person household, and the existing affordability will be extended.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $4.3 million in equity for the project.
“Preserving our affordable housing portfolio in Massachusetts is critical to our overall housing strategy to address the limited supply and high costs. We need ample affordable housing in every region to support the diverse needs of our families, workforce, and vulnerable communities,” said Housing and Community Development Undersecretary Jennifer Maddox. “Thanks to dedicated partners like MassDevelopment and NeighborWorks Housing Solutions we can protect an important resource in Rockland.”