With the help of a $7 million tax-exempt MassDevelopment bond, 110 Peterborough Limited Partnership will purchase and renovate West Fenway Apartments in Boston.
The financing will preserve 48 units of affordable housing for the elderly and disabled, rented to households earning no more than 60 percent of the area median income, according to a statement. Bank of New York Mellon, through the Massachusetts Housing Partnership, purchased the bond.
The renovations will include a new solar-powered domestic hot water system, roof, boilers and Energy Star certified appliances. There will also be upgrades for accessibility and energy efficiency, exterior repairs, common area improvements and elevator modernization. About half of the units will receive new kitchens and bathrooms.
"Tax-exempt bonds provide low-cost financing and access to low-income housing tax credits for affordable housing developers," said MassDevelopment President and CEO Marty Jones. "With affordable housing remaining a vital public-policy issue, MassDevelopment is pleased to help West Fenway Apartments become more energy efficient and modernize to better serve those most in need of housing in Boston."
"With MassDevelopment, Massachusetts Housing Partnership and Bank of New York Mellon teaming up to provide funding, we’ve proved that you can keep expiring use housing affordable," said Dharmena Downey, executive director of Fenway CDC, the project’s nonprofit sponsor and developer. "West Fenway will remain accessible to the most vulnerable residents for the indefinite future."
