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MassDev Issues Bond For Multi-Res Project

| July 12, 2018

61 Heath Street Apartments rendering

Boston – MassDevelopment has issued a $9.4 million tax-exempt bond on behalf of 61 Heath LLC. The bond proceeds will be used to build a 47-unit affordable multifamily rental housing facility at the site of a vacant lot in Boston’s Jamaica Plain neighborhood. 61 Heath LLC is an affiliate of Jamaica Plain Neighborhood Development Corporation (JPNDC). The City of Boston provided the land and development funding for the project.

61 Heath Street Apartments, will consist of 11 one-bedroom units, 22 two-bedroom units, and 14 three-bedroom units, 40 of which will be rented to households earning no more than 60% of area median income. The remaining seven will be rented to households earning no more than 70% of area median income. The facility will include a neighborhood-friendly commercial space and a community room.

61 Heath Street Apartments rendering

The apartments will be located at 61 Heath Street, near Jamaica Plain’s border with Mission Hill, and within a half-mile of community resources.

Eastern Bank purchased the bond.

In 2015, MassDevelopment provided a $36,000 loan from the Brownfields Redevelopment Fund to JPNDC to help the organization conduct an environmental site assessment of this property.

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Category: All, Multi Residential