20 Apartments in Mattapan for Formerly Homeless
$5 Million Tax-Exempt Bond from MassDevelopment & Cambridge Savings Bank Helps Heading Home, Inc. Build Affordable Housing for Formerly Homeless Families
April 27, 2023
Matthew Mogavero, 857-248-0868
Danielle Ferrier, Heading Home, Inc.
|Rendering of affordable rental housing facility at 37 Wales St., courtesy of Studio G Architects|
BOSTON – MassDevelopment has issued a $5 million tax-exempt bond on behalf of Heading Home, Inc., which will use proceeds to build a new four-story, 20-unit affordable rental housing facility at 37 Wales St. in Boston’s Mattapan neighborhood. The building will feature a mix of two- and three-bedroom units and will house formerly homeless families earning up to 30% of area median income ($42,000 for a four-person household). The building will also offer amenity spaces and an on-site office where Heading Home staff will provide supportive services. Porter Securities, Inc. II, an affiliate of Cambridge Savings Bank, purchased the bond, which helped Heading Home achieve a lower cost of capital.
“This building will create 20 new homes for families transitioning out of homelessness and provide access to important on-site supportive services,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is grateful for Heading Home, Inc.’s leadership and is pleased to partner with Cambridge Savings Bank to provide tax-exempt financing that will make the project a reality.”
“The work that Heading Home and MassDevelopment are doing to combat homelessness in Boston is pivotal and deserves to be celebrated,” said Cambridge Savings Bank Senior Vice President and Senior Corporate Banking Loan Officer Barbara Crystal. “There is a tremendous need for quality, safe, and affordable housing for low-income individuals and families in this area. At Cambridge Savings Bank, it is our top priority to partner with organizations that will help to enrich the lives of people in the communities that we serve. We are proud to work with the state of Massachusetts and the city of Boston on this project which will not only bring security and shelter, but also a renewed sense of self-worth to a number of families experiencing genuine hardship.”
In addition to MassDevelopment’s tax-exempt bond, the Massachusetts Department of Housing and Community Development and the City of Boston/Mayor’s Office of Housing also provided approximately $7.4 million and $3.75 million in debt, respectively, for the project.
Founded in 1974, Heading Home is a nonprofit with a mission to end homelessness in Greater Boston by providing a supported pathway to self-sufficiency that begins with accessing permanent housing, together with critical services such as life skills, financial literacy, and job training. Heading Home is the area’s largest and most comprehensive provider of shelter, transitional, and permanent housing and support services for both families and individuals. Annually, the organization serves nearly 1,500 homeless and formerly homeless people in the Greater Boston area, spanning from infancy to the elderly, with a majority of its population being young, single mothers with one to two young children.
"We are thankful for our partners at the state and city levels as well as our community partners in realizing how critical stable housing is to the well-being of children, families, and individuals,” said Heading Home CEO Danielle Ferrier. "This partnership with MassDevelopment and Cambridge Savings Bank continues to aid our efforts. Together, we are ending homelessness in Greater Boston."
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units.