An architect's rendering shows an aerial view of the Amory Street redevelopment. The most recently-funded project, 125 Amory St., is called out in the rendering as "building B." Image courtesy of The Community Builders
A 6-story, 96-unit affordable housing development at 127 Amory St. in Jamaica Plain could be headed for a groundbreaking soon after landing financing.
MassDevelopment announced Tuesday that it’s issued a $45.22 million tax-exempt bond on behalf of 127 Amory Street, LLC, an affiliate of affordable housing developer The Community Builders Inc., to construct the development. The tax-exempt bond, purchased by Eastern Bank, helped the borrower achieve a lower cost of capital, MassDevelopment said.
“MassDevelopment has been proud to support the Amory Street redevelopment, which is bringing much-needed housing to Boston’s Jamaica Plain neighborhood,” said MassDevelopment President and CEO Navjeet Bal said in a statement. “We are glad to now deliver tax-exempt financing in partnership with Eastern Bank to help The Community Builders construct 96 new affordable apartments at this site, including 10 units set aside in support of formerly homeless individuals and families.”
In addition to the tax-exempt bond, MassDevelopment assisted the state Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $40 million in equity for the project.
“The Healey-Driscoll Administration is proud to support this project with low-income housing tax credits and tax-exempt financing through MassDevelopment,” Housing and Livable Communities Secretary Ed Augustus said in a statement. “We look forward to seeing these new apartments serve families for years to come, and we will continue our work to expand affordable housing options across the state and to bring down housing costs for all residents.”
This project is part of the larger Amory Street redevelopment and renovation of a Boston Housing Authority public housing property. BHA, TCB, nonprofit developer Urban Edge and the Jamaica Plan Neighborhood Development Corporation are partnering on the endeavor.
The new TCB building funded by MassDevelopment will include 12 three-bedroom units, 51 two-bedroom units, and 33 one-bedroom units. The project will also feature 3,800 square feet of communal space and a central green space.
Thirty-one units will be rented to households earning up to 80 percent of area median income, 27 units will be rented to households earning up to 60 percent of AMI and 38 units will be rented to households earning up to 30 percent AMI. 10 units will be reserved for formerly homeless individuals or families.
