Boston – MassDevelopment has issued a $10 million tax-exempt bond on behalf of Hearth Four Corners LLC, an affiliate of Hearth, Inc., a national nonprofit dedicated to eliminating elder homelessness.
Hearth will use bond proceeds to buy a parcel near the Four Corners/Geneva MBTA commuter rail station in Dorchester, on which it will build and equip a 54-unit affordable rental housing facility for homeless and at-risk seniors.
The facility will include studio and one-bedroom units, and will be available to individuals ages 62 and older earning between 30% percent and 60% of the area median income. Citizens Bank purchased the bond.
In addition to the tax-exempt bond, MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $7.1 million in equity for the project.
“The team at Hearth, Inc. is committed to ensuring our seniors have a safe, supportive, and affordable place to call home,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to be a part of the organization’s effort to build 54 new units of housing in Dorchester.”