Roxbury Crossing Senior Building to Feature 40 Units Thanks to $8.5 Million MassDevelopment Bond
January 15, 2014
FOR IMMEDIATE RELEASE
Rendering by Goody Clancy Architects
MassDevelopment has issued an $8.5 million tax-exempt bond on behalf of the Roxbury Crossing Senior Building Limited Partnership, an affordable senior housing project sponsored by Mission Hill Neighborhood Housing Services Inc. The organization will use bond proceeds to build a 40-unit rental housing facility for seniors 62 and older. The Roxbury Crossing Senior Building will be a four-story building with one-bedroom units averaging 530 square feet. All residential units will be affordable, with 20 units reserved for households earning no more than 30 percent of the area median income and 19 for 50 percent of the area median income. The building will also have a variety of social amenities for residents, including a large community space at ground level with handicap-accessible bathrooms and kitchen. RBS Citizens purchased the bond.
“Affordable housing projects such as the Roxbury Crossing Senior Building stimulate economic growth and rejuvenate a community,” said MassDevelopment President and CEO Marty Jones. “We are pleased to leverage this low-cost financing on behalf of Mission Hill Neighborhood Housing Services, bringing the organization closer to its goal of solidifying Roxbury Crossing as a neighborhood offering a range of housing options.”
In addition to the tax-exempt bond, MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided $5.4 million in equity for the project.
The site of the new Senior Building was vacant for several decades and is the first phase of Mission Hill Neighborhood Services’ plan to revitalize the area. The parcel is across from MBTA Parcel 25, a two-acre vacant plot at the corner of Columbus Avenue and Tremont Street. Mission Hill Neighborhood Housing Services’ “development vision” for Parcel 25 includes eight to 12 new neighborhood retail stores and restaurants, housing restoration along Gurney Street, and retail on Tremont Street, which will reestablish Roxbury Crossing as an attractive gateway to Mission Hill.
“Mission Hill NHS is thrilled to see the Roxbury Crossing Senior Building moving forward into construction,” said Maria Sanchez, President, Board of Directors, Mission Hill Neighborhood Housing Services Inc. “With the addition of MassDevelopment tax-exempt bond financing, this project is a go. Affordable housing for low-income seniors is desperately needed and was identified as a priority use during the community’s multi-year planning process. Seniors will lead the way in the rebirth of the Roxbury Crossing gateway to Mission Hill as a place to live, work and shop.”
Mission Hill Neighborhood Housing Services (MHNHS) is a community-based nonprofit housing and economic development organization committed to the revitalization and stabilization of the Mission Hill neighborhood. MHNHS strives to involve all segments of the community in planning housing and economic development activities to preserve Mission Hill’s unique character, improve the standard of living of its lower-income residents, and enhance the quality of life on Mission Hill. The development and maintenance of stable, decent, and affordable housing for low- and moderate-income people is one of the primary purposes of MHNHS.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.