JPNDC Renovates 18 Affordable Housing Units With $3 Million MassDevelopment Bond
March 26, 2013
MassDevelopment has issued a $3.36 million tax-exempt bond on behalf of JP Scattered Site LLC, which will use bond proceeds to buy and renovate 18 units of multi-family rental housing in Boston’s Jamaica Plain neighborhood. The Jamaica Plain Neighborhood Development Corporation (JPNDC), which promotes affordable housing and economic opportunity initiatives, sponsors the project. Eastern Bank purchased the bond.
“Preserving and renovating affordable housing units allows many Bostonians to access housing,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is proud to support the JPNDC’s commitment to adding and renovating these residential options.”
The four-building project in the Stony Brook and Jackson Square areas include two one-bedroom units, three two-bedroom units, and 13 three-bedroom units. Improvements to these buildings, which have served low-income families for 20 years, include energy efficiency and kitchen upgrades and new roofs and windows.
“Preserving affordable homes is essential to the long-term health of the families who live here as well as the Jamaica Plain community as a whole,” said Richard Thal, the JPNDC’s Executive Director.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.