$10.17 Million MassDevelopment Bond Preserves 65 Affordable Housing Units and Funds Upgrades at Tammy Brook Apartments
December 7, 2009
FOR IMMEDIATE RELEASE
MassDevelopment announced today that the Agency is issuing $10.17 million in tax-exempt bonds on behalf of BC Tammy Brook LLC, an affiliate of Beacon Communities LLC that will purchase and manage Tammy Brook Apartments in Weymouth. Bond proceeds will go toward the acquisition and renovation of this 90-unit affordable housing community, which offers two- and three-bedroom townhouse apartments. The bond financing will preserve 65 units of affordable housing at Tammy Brook, which were at risk of no longer being affordable due to expiring use restrictions that came into effect in June 2009. The MassDevelopment tax-exempt bonds allowed BC Tammy Brook to access federal low income housing tax credits, resulting in an additional $914,000 in project funding.
“This financing package helps ensure these units will stay affordable for Massachusetts residents,” said Robert L. Culver, President and CEO of MassDevelopment. “We’re pleased that MassDevelopment can help BC Tammy Brook move ahead with the purchase of Tammy Brook Apartments and continue to provide affordable housing in Weymouth.”
The preservation program also includes upgrades for the apartments: replacing heating and hot water systems with new, high-efficiency systems; installing low-flow water fixtures in kitchens and bathrooms; upgrading electrical systems; and updating smoke detector and carbon monoxide detector systems. Other site-wide capital projects include installing new roofs on each building and converting the laundry facility and maintenance office into a handicapped-accessible management office and community space.
Built in 1968, the Tammy Brook Apartments community consists of 12 two-story townhouse apartment buildings, two tot lots, two basketball courts, a laundry facility, and a small single family house that will serve as a residence for onsite maintenance staff. BC Tammy Brook LLC is a single-purpose entity set up to acquire and own the project.
“This is an example of Governor Patrick’s commitment to preservation of affordable housing,” said Mark Epker, Senior Vice President of Beacon Communities LLC. “This would not have happened without the cooperation and support of MassDevelopment, the Department of Housing and Community Development, MassHousing, the Town of Weymouth, the Quincy HOME Consortium, CWCapital LLC and Freddie Mac.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.