| MassDevelopment recently issued a tax-exempt bond to purchase and renovate Kendrigan Place Apartments, a multifamily affordable housing complex in Quincy.
The $11.38 million bond was issued on behalf of 10 Winter Street Limited Partnership, an affiliate of Quincy-based NeighborWorks Southern Mass.
NeighborWorks Southern Mass will upgrade kitchens, bathrooms and floors, and install a heating system and windows in the 78-unit facility.
In addition to the tax-exempt bond, MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided approximately $6.5 million in equity. Boston Private Bank purchased the bond.
“Protecting affordable housing opportunities in the commonwealth is critical – particularly in Quincy, a gateway city experiencing soaring growth,” MassDevelopment President and CEO Marty Jones said in a statement.
