
Nonprofit Developer Makes a New Name for Itself
After a half-century, a Brighton-based nonprofit senior housing developer is adopting a new brand name designed to raise its profile in Greater Boston.
After a half-century, a Brighton-based nonprofit senior housing developer is adopting a new brand name designed to raise its profile in Greater Boston.
A planned 61-unit affordable housing complex for senior citizens in Brighton ran into unexpected turbulence shortly after the presidential election when a crucial source of financing threatened to dry up. Developer Jewish Community Housing for the Elderly had received three letters of interest from investors for low-income housing tax credits it was awarded last August. After the election, all three parties reduced their offers by approximately $1.1 million amid a nationwide decline in the market value of low-income tax credits.
Senior citizens living at the 209-unit Genesis House in Brighton have had their affordability extended and will see significant property improvements with the closing of $56.7 million in MassHousing financing.