Boston – MassDevelopment has issued a $30.8 million tax-exempt bond on behalf of Jefferson Park Apartments LLC, which is using bond proceeds to demolish and reconstruct Jefferson Park, a 108-unit, 100% affordable multifamily housing facility in six Cambridge buildings.
As the result of its master study, the Massachusetts Department of Housing and Community Development (DHCD) ruled the site’s conditions obsolete, calling for demolition of the buildings.
Rebuilding will create 104 units: 32 one-bedroom, 53 two-bedroom, and 19 three-bedroom units.
Other improvements will include private entrances for each of the units, along with maintaining private outdoor spaces and landscape designs.
Bank of America is the project’s bond purchaser, and MassDevelopment also assisted DHCD with the approval of federal low-income housing tax credits that will provide approximately $25.1 million in equity.
