The Boston Housing Authority's Camden Apartments on Lenox Street in the South End. Image courtesy of Google Maps.
Seven projects in Massachusetts have received nearly $12.2 million in financing from the Federal Home Loan Bank of Boston, which will fund the creation or preservation of 779 affordable housing units in 19 projects.
“In partnership with our member financial institutions, we are proud to provide this funding which greatly benefits individuals and families struggling to afford housing and supports economic development throughout New England,” FHLBB President and CEO Edward A. Hjerpe III said in a statement.
The projects are:
- Cabot Housing, Beverly: $650,213 grant and subsidy and a $500,000 loan to renovate 45 single-room occupancy units and create 24 new ones in a historic building on Cabot Street.
- Holtzer Park, Boston: $997,491 grant and subsidy and a $1.3 million loan to create 62 units in a new building as part of a market-rate development at 125 Armory St.
- Lenox Apartments, Boston: $500,000 grant to facilitate the acquisition and rehabilitation of the Boston Housing Authority’s 285-unit Camden Apartments in the city’s South End by Beacon Properties as part of a larger redevelopment program.
- Brewster Paul Hush Way Phase 2, Brewster: $203,882 grant to assist the construction of eight new units in detached, single-family homes.
- Lincoln School Senior Housing, Brockton: $628,906 grant and subsidy and a $350,000 loan to rehabilitate an old school into 39 senior apartments.
- Bentley Apartments, Great Barrington: $932,497 grant and subsidy and a $1.27 million loan to help build 45 rental units in a market-rate development.
- Burnshirt Road, Hubbardston: $200,000 grant to buy and renovate a home into four units of supportive housing.
- BCArc III, Lanesborough: $200,000 grant to help build a home with four units of supportive housing.
- Sirk & Chestnut Square Redevelopment, Lowell: $500,000 grant to assist in the acquisition and rehabilitation of 87 units of affordable housing.
- 281-283 Nesmith St., Lowell: $50,000 grant to help build a two-family duplex.
- 56 DeGrass Road, Mashpee: $23,767 grant to help build a single-family home.
- 341 Great Neck Road North, Mashpee: $55,193 grant to help build two single-family homes.
- Wachusett Street, Rutland: $200,000 grant to build a home with four units of supportive housing.
- BCArc IV, Southwick: $200,000 grant to buy a single-family home and convert it into four units of supportive housing.
- 120 North Main St., Sunderland: $798,495 grant and subsidy and a $780,000 loan to help build a 33-unit affordable apartment building for seniors.
- 2082 Main/Durkee Lane, Welfleet: $55,193 grant to help build two single-family homes.
- Cole Avenue, Williamstown: $500,000 grant to build 46 units on 4.8 acres of former brownfield land donated by the town.
- Emanuel Village, Worcester: $500,000 grant to rehabilitate and preserve 75 rental units.
- Florence House, Worcester: $333,997 grant and subsidy and a $489,427 loan to support the acquisition and rehabilitation of a 10-unit home for formerly homeless teen mothers and their children.
The Massachusetts grants, loans and interest rate subsidies are part of a $46.6 million package from the FHLBB that will be used to help pay construction, acquisition or rehabilitation costs. Member financial institutions work with local developers to apply for funding, which is awarded through a competitive scoring process.
