Developer to Build Affordable Housing in Mattapan Thanks to $14.8 Million MassDevelopment Bond
September 17, 2012
MassDevelopment has issued a $14,820,000 tax-exempt bond on behalf of Trinity Mattapan Heights Five Limited Partnership, which will use bond proceeds to build a 60-unit affordable housing facility in Boston’s Mattapan neighborhood known as Mattapan Heights Phase 5-A. All 60 units will be designated affordable, rented to households earning up to 60 percent of area median income. The building will have 16 one-bedroom units and 44 two-bedroom units. TD Bank purchased the bond.
“Creating affordable housing is a public policy imperative and an important part of MassDevelopment’s mission,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to provide Trinity Financial, a trusted affordable housing developer, with access to this low-cost financing and help the company provide more housing options in Boston.”
Trinity Financial, the project’s sponsor, has developed and leased three other housing facilities on the 52-acre campus – the former Boston Specialty and Rehabilitation Hospital site – that will include Mattapan Heights Phase 5-A. The Foley Senior Residences (Mattapan Heights I), which consists of 98 senior independent and assisted living units and 18 units of supportive housing units for the Entre Familia program, was completed in June 2003. Mattapan Heights II, which consists of 83 units of affordable housing, was completed in November 2005. Mattapan Heights III/IV, completed in December 2007, consists of 73 units of affordable housing.
“We are excited to continue our collaboration with the Boston Public Health Commission and the Mattapan Community Advisory Board in redeveloping the historic Mattapan Heights Campus,” said Eva Erlich, Trinity’s Project Manager. “Partnerships with organizations such as MassDevelopment make these types of projects possible and we are grateful to have the opportunity to work with MassDevelopment in providing 60 new units of affordable housing in the Mattapan community.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.