Boston – MassDevelopment has issued a $5.3 million tax-exempt bond on behalf of EAFD Brook Ave. Developer LLC, an affiliate of EA Fish Development, that will use bond proceeds to buy and renovate a multifamily facility in Boston’s Roxbury neighborhood.
Brook Avenue Cooperative consists of 36 three-bedroom units, all of which will be rented to households earning no more than 60% of area median income, and existing tenant-families will not be displaced during transfer of ownership or rehabilitation.
Renovations will include replacing the building’s plumbing and heating systems and repairing roofs, windows, and siding panels.
MassDevelopment also assisted the Mass. Dept. of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $2.4 million in equity for the project. Citizens Bank purchased the bond.