Boston – MassDevelopment has issued a $21,816,800 tax-exempt bond on behalf of CCC River LLC, an affiliate of B’nai B’rith Housing of New England, Inc., which will use proceeds to build a mixed-use building in Boston’s Hyde Park neighborhood that will feature 63 units of affordable senior rental housing and ground-floor retail.
The new building will replace an existing underutilized commercial space containing an auto repair shop, and will be certified to LEED and Passive House standards as well as solar-ready. The 63 one-bedroom units will be rented to households earning up to 30%, 50%, and 60% of the area median income ($31,170, $51,950, and $62,340, respectively, for a one-person household).
The building will include common areas and amenities for residents, including a community room, fitness center, library, central courtyard, and on-site parking. B’nai B’rith Housing will provide on-site resident service coordination to help tenants successfully age in place and benefit from social, wellness, and health programing in the building. B’nai B’rith Housing created a for-profit affiliate, CCC River LLC, for the purposes of facilitating this tax-exempt financing. Eastern Bank purchased the bond, which helped CCC River LLC achieve a lower cost of capital.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $16.1 million in equity for the project.
