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Heritage Apartment Makes Energy-Efficient Renovations Thanks to $10.8 Million MassDevelopment Bond

January 18, 2011

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077

MassDevelopment has issued a $10.8 million tax-exempt bond on behalf of Heritage 195 Pleasant Street LLC, which will use bond proceeds to purchase and renovate The Heritage Apartments, an affordable housing community in Malden designed for seniors 62 and older. Renovations include converting studio apartments to one-bedroom units; repairing balconies; replacing the heating system with a more energy-efficient model; and installing new energy-efficient windows, Energy Star-rated refrigerators and stoves, and water-efficient plumbing fixtures. The bond will preserve 156 units of affordable housing for seniors earning less than 60 percent of area median income. Wainwright Bank purchased the bonds.

“These upgrades to The Heritage will preserve affordability and conserve energy,” said MassDevelopment President and CEO Robert L. Culver. “MassDevelopment takes pride in preserving affordable housing in the Commonwealth, especially for seniors, and we're pleased to provide access to low-cost financing for this green project.”

In addition to the tax-exempt bond financing, MassDevelopment and the Department of Housing and Community Development approved an allocation of low income housing tax credits for The Heritage, which generated about $3.3 million in equity. The Heritage is a 176-unit, 10-story apartment building in downtown Malden.

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.