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MassDevelopment Provides $2.3 Billion in Bonds, Loans & Grants in FY13 to Create Jobs & Housing

September 5, 2013

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

MassDevelopment, the state’s finance and development agency, invested $2.3 billion in Massachusetts businesses, nonprofits, and communities in the fiscal year ending June 30, 2013. Through its various finance programs, the Agency funded 317 projects that will support the creation of 2,021 jobs across the Commonwealth at universities and hospitals; small nonprofits and cultural centers; emerging technology firms; and advanced manufacturing companies. Of these projects, MassDevelopment invested $1.25 billion in greater Boston, of which $33,380,000 went toward projects in Boston’s affordable rental housing market. Those projects, listed below, added or renovated 215 housing units.

  • A 5.3 million tax-exempt bond on behalf of The Abrams Development Company’s Danube Apartments LLC, which used proceeds to buy and renovate 65 units of multi-family affordable rental housing in Dorchester and Jamaica Plain.
  • A $3.36 million tax-exempt bond on behalf of Jamaica Plain Neighborhood Development Corporation’s JP Scattered Site LLC project, which purchased and renovated 18 units of multi-family rental housing in Jamaica Plain.
  • A $9.9 million tax-exempt bond on behalf of Cruz Development’s WFH Housing LLC, which used bond proceeds to buy and renovate Wayne at Franklin Hill – three buildings with 72 units of affordable housing – in Dorchester.
  • A $14,820,000 tax-exempt bond on behalf of Trinity Financial’s Trinity Mattapan Heights Five Limited Partnership, which built a 60-unit affordable housing facility in Mattapan.

“Tax-exempt bonds provide low rates for affordable housing projects and access to much-needed federal housing tax credits,” said MassDevelopment President and CEO Marty Jones. “Creating affordable housing is a critical part of MassDevelopment’s mission, and I am proud we can provide financial means to improve the quality of life for many families living and working in Boston.”

To learn more about MassDevelopment’s Greater Boston Regional Team and to contact the Agency’s Boston office, click here.

To read more about what MassDevelopment has done in other regions of the state, click on the links below:

  • Central Massachusetts
  • Northeastern Massachusetts
  • Southeastern Massachusetts
  • Western Massachusetts