Multi Residential

Rental Housing Facility Gets Financing

Boston – MassDevelopment recently issued a $16,677,252 tax-exempt bond for Wayne at Schuyler LLC, a 74-unit multi-family rental housing facility in Boston’s Dorchester and Roxbury neighborhoods. The financing will preserve all 74 units of affordable housing rented to households earning no more than 60 percent of the area median income.

Cruz Development Corporation of Roxbury, the developer of Wayne at Schuyler, will use bond proceeds to buy and renovate the housing facility, including installing new kitchens, bathrooms, heating and sprinkler systems, windows, and roofs, and improving electrical and plumbing systems. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide $10.1 million in equity for the project. Eastern Bank and Rockland Trust purchased the bond.

The Wayne at Schuyler project is part of the overall redevelopment of the Wayne Apartments, a scattered site development serving 349 lower-income households in Roxbury, Dorchester, and Mattapan. MassDevelopment has provided tax-exempt bond financing for Cruz Development Corporation for several other stages of the project, including the redevelopment of Wayne at Bicknell in 2016, Wayne at Columbia in 2014, and Wayne at Franklin Hill in 2013.