Please do not leave this page until complete. This can take a few moments.
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).
You could easily build the 68 units brand spankin new for $22 million. $325 K / unit for renovation??? Huge mistake.......
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
1 Comments