Massdevelopment Issues $21.8m Bond Financing For Affordable Project In Boston

BOSTON — MassDevelopment has issued a $21.8 million tax-exempt bond. The borrower is 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 seniors housing and ground-floor retail. 

The new building will replace an underutilized commercial space containing an auto repair shop, and will be built to LEED and Passive House standards. 

The 63 one-bedroom units will be rented to households earning up to 30 percent, 50 percent and 60 percent of the area median income ($31,170, $51,950, and $62,340, respectively, for a one-person household). B’nai B’rith Housing will provide onsite resident service coordination. 

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.

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