New, 27-unit affordable housing development is completed and fully occupied
BOSTON – June 7, 2013 – (RealEstateRama) — MassHousing has closed on $2.2 million in loans for the 27-unit Greenway Apartments, a newly constructed affordable housing community in East Boston.
The Greenway Apartments were developed by the East Boston Community Development Corporation (EBCDC) and Affirmative Investments at 170-172 Maverick St. in East Boston.
MassHousing provided $2.2 million in permanent financing for the project, which is completed and fully occupied. All 21 apartments will be affordable in perpetuity.
“There was a great amount of interest in the Greenway Apartments from residents looking for an affordable place to live in East Boston,” said MassHousing Executive Director Thomas R. Gleason. “The development is completed and occupied and will be an important affordable housing resource in East Boston for many years to come.”
Two vacant buildings were demolished to make way for the new, four-story, energy efficient building with 21 two-bedroom units and 6 three-bedroom units.
In addition to the MassHousing financing, the project also received $1 million from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development.
The contractor was Landmark Structures; the architect was Michael A. Interbartolo Jr. and the management agent is Metro Management, a subsidiary of EBCDC.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided nearly $14 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.
Eric Gedstad: 617.854.1079 | egedstad (at) masshousing (dot) com
Tom Farmer: 617.854.1843 | tfarmer (at) masshousing (dot) com