MassDevelopment Bonds Help Preserve Affordable Housing Units in Boston and Cambridge - December 10, 2013

MassDevelopment Bonds Help Preserve Affordable Housing Units in Boston and Cambridge - December 10, 2013 

MassDevelopment has issued tax-exempt bonds on behalf of two affordable housing projects in greater Boston: $11.8 million on behalf of Chapman Arms LLC, a 50-unit apartment facility in Cambridge’s Harvard Square, and $5.3 million on behalf of Brighton-Allston Apartments LLC, a 60-unit rental housing facility on two sites in Boston’s Allston and Brighton neighborhoods. Both will use bond proceeds to acquire and renovate the apartments and preserve the affordable housing units. Homeowner’s Rehab Inc., the project sponsor of Chapman Arms, will preserve 25 units as affordable. Renovations include upgrading kitchens, fire alarms, and elevators; converting three units into handicapped-accessible units; and replacing boilers and heating systems. Allston Brighton Community Development Corporation, sponsor of the Brighton-Allston Apartments project, will preserve all 60 units as affordable for households earning no more than 60 percent of the area median income. Those apartments will receive upgrades to insulation, HVAC, and electrical systems, along with a new roof and improved accessibility.

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