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MassDevelopment Issues $26.5M Bond For Roxbury Affordable Housing

May 1, 2012 | Reprints | Unlock Link | Print

MassDevelopment has issued a $26.5 million tax-exempt bond on behalf of Madison Park IV 2011 Limited Partnership, which will use bond proceeds to buy and renovate the Madison Park IV affordable housing complex in Boston’s Roxbury neighborhood.

The 143-unit, townhouse-style rental complex has 126 two-bedroom units and 17 three-bedroom units. Renovations include roof and siding replacement; new windows; additional insulation; new high-efficiency heating and hot water systems; and new fire alarm systems, as well as site work and interior finish improvements. Bank of America purchased the bonds and is providing construction financing.

Madison Park IV, built in 1980, is part of Madison Park Village, a 546-unit residential community of predominantly low-income families.

Commercial & Industrial