Framingham Housing Authority receives $22M for renovations to 68-unit complex
Image | Courtesy of MassDevelopment
A rendering of Carlson West Crossing modernization in Framingham
MassDevelopment issued a $22-million tax-exempt bond to help the Framingham Housing Authority to renovate Carlson Crossing West, a 68-unit affordable housing complex.
The project will also receive $19.7 million in federal low-income tax credits from the Massachusetts Department of Housing and Community Development, with an assist from MassDevelopment, according to a Tuesday press release from MassDevelopment.
Carlson Crossing West was built in the 1950s on eight acres. Its 17 buildings consist of 12 one-bedroom apartments, 20 two-bedroom apartments, 32 three-bedroom apartments, and four four-bedroom apartments.
The proposed renovations will focus on building and energy code issues and other critical upgrades to infrastructure. Improvements will incorporate sustainable and other climate-resilient elements, according to the press release.
Citizens Bank of Providence purchased the bond.
“MassDevelopment’s timely commitment to the Carlson Crossing West project was a catalyst in ultimately securing DHCD funding commitments that included 4% Low-Income Housing Tax Credits and State Low-Income Housing Tax Credits, American Rescue Plan Act (ARPA) funds, WestMetro HOME Consortium funds as well as City of Framingham financing and permanent financing from the Massachusetts Housing Partnership,” FHA Executive Director Paul Landers said in the press release. “Working with MassDevelopment on a challenging development schedule and its continuous support of this project has demonstrated MassDevelopment’s commitment to affordable housing projects like the Carlson Crossing West Project at a time when such commitments are essential to expanding affordable housing opportunities for low- and moderate-income families.”
The $22-million bond was one of four totalling $152 million announced on Tuesday by MassDevelopment.Other housing authorities receiving bonds were in Medford ($68 million), Brookline ($40.6 million), and Cambridge ($21 million).
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You could easily build the 68 units brand spankin new for $22 million. $325 K / unit for renovation??? Huge mistake.......
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