MassDevelopment

South Boston Veterans Housing

MassDevelopment has issued a $6.2 million tax-exempt bond on behalf of South Boston Veterans Housing LLC, a joint venture between Caritas Communities and the South Boston Neighborhood Development Corporation. The organizations will use bond proceeds to build Patriot Homes, 24 new rental apartment units in South Boston for low-income veterans. Radius Bank purchased the bond. 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 $3.9 million in equity for the project. MassDevelopment also provided $414,000 from the Brownfields Redevelopment Fund to assess and clean up contamination at the site.