Multi Residential

Boston Affordable Housing Project Gets Financing

Boston – Citizens Bank recently announced that its Community Development Group has provided an $8 million construction loan to Landfall Community Associates II, LLC, an entity sponsored by the East Boston CDC, for the recapitalization and rehabilitation of 111 units of affordable housing located in East Boston.

The multi-site development includes properties at the following addresses in East Boston: 72-74 Marginal Street; 259-261, 263-265  and 344-350 Meridian Street; 186-192 Cottage Street; and 403 Sumner Street (a/k/a 11 Seaver Street).

Fifteen of the units will be available to tenants at or below 30 percent Area Median Income (AMI), four units to tenants at or below 50 percent AMI, 53 units are available to tenants at or below 60 percent AMI, 24 units are available to tenants at or below 80 percent AMI and 15 units will be market rate.

The development sponsor, East Boston CDC, was founded in 1971 and creates commercial and affordable housing property in East Boston neighborhoods. Over its history, it has developed 280,000sf of commercial and industrial job-producing space; 145 affordable family rental units, and 305 affordable elderly rental units.