Danube Apartments LLC will utilize a $5.3 million tax-exempt bond from MassDevelopment, the state’s finance and development agency, to buy and renovate 65 units of multifamily affordable rental housing in Boston’s Dorchester and Jamaica Plain neighborhoods.
Boston Private Bank purchased the bond. The bond allocation also allowed the project to use federal low-income housing tax credits, generating about $2.67 million in equity.
"Tax-exempt bonds provide low rates for real estate projects and, for many affordable housing projects, access to much-needed federal housing tax credits," said MassDevelopment President and CEO Marty Jones. "MassDevelopment is pleased to support projects like Danube Apartments, which help meet the affordable housing demand."
The Abrams Development Co. developed the property in 1968. All units are affordable, with 21 one-bedroom units, 37 two-bedroom units, six three-bedroom units and one five-bedroom unit.
"As long-time developers of affordable housing in and around Boston, we are pleased to enlist the support of MassDevelopment in preserving 65 units of low-income housing. The MassDevelopment team’s responsiveness and streamlined process enabled us to close within 90 days of our decision to seek financing," said Martha Abrams-Bell, president of The Abrams Development Co., in a statement.
