MassDev Bond Supports Mission Hill Restoration

| February 16, 2016

mission-hill-apartment-rentalsBoston – MassDevelopment has issued a $16.8 million tax-exempt bond on behalf of RTH Restoration Housing Limited Partnership, which is using bond proceeds to help and renovate RTH Restoration Housing, a 100 percent affordable multi-family housing facility in Boston’s Mission Hill neighborhood.  Roxbury Tenants of Harvard Association (RTH), the project sponsor, will renovate 81 units in 17 buildings along Francis and Fenwood streets.  Improvements include new roofs, flooring and siding; furnace replacement; sprinkler systems in 11 buildings; exterior improvements; and select kitchen and bathroom upgrades.  The property has 35 one-bedroom units, 28 two-bedroom units, 10 three-bedroom units, and 8 four-bedroom units.  MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income tax credits that will provide $9.5 million in equity for the project.

 

“By improving the quality of neighborhood housing, RTH is helping restore the historic community of Mission Hill,” said MassDevelopment President and CEO Marty Jones.  “MassDevelopment is pleased to help finance this renovation project- and contribute to the crucial affordable housing stock in Boston.”

 

Since 1969, RTH has focused on maintaining safe and affordable housing for low- and middle- income families in Boston’s Mission Hill neighborhood, owning more than 40,000 square feet of commercial space, nearly 1100 affordable residential apartments, and operating a 28,000 square foot community center, where they provide extensive community and resident services from after-school programming to senior activities.

 

“As a tenant-run nonprofit focused on advancing the holistic well-being of our community, this funding helps us advance our mission by making possible much needed renovations and improvements that will not only immediately enhance the quality of life for these residents, but ensure that these homes remain affordable for generations to come.  We cannot thank our many project partners and funders enough for helping us advance our important mission,” said Karen Gately, executive director for The Roxbury Tenants of Harvard.

 

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Category: All, Financial