The Massachusetts Housing Investment Corp. has closed on $3.86 million in New Markets Tax Credit financing for the complete rehabilitation of Firehouse 40-a long-abandoned firehouse in East Boston.
The project, at 260 Sumner St., will provide a new home and twice as much space for ZUMIX, a nonprofit dedicated to building community and empowering youth through the arts.
The project got started in 2005 when the city of Boston chose ZUMIX and the East Boston Community Development Corp. (as co-developer) through a highly competitive process as designated developers of the 1923 brick building.
The New Markets Tax Credit (NMTC) program is a federal program created in 2000 to channel private capital into the nation’s urban and rural low-income areas to help stimulate economic growth and create jobs.
