Weymouth Apartment Complex Sold; 65 Units to Stay Affordable
December 8, 2009
The Patriot Ledger, by Allison Manning
WEYMOUTH – Sixty-five units of affordable housing at the Tammy Brook apartment complex will be preserved.
Beacon Communities LLC purchased the 90-unit complex on King Avenue last week, after being issued $10 million in tax-exempt bonds by the Massachusetts Development Finance Authority.
The 30-year affordable-housing restrictions on the complex expired in June, creating the potential for loss of the subsidized units. Beacon, which was in the midst of seeking financing for the purchase back in June, has since extended the Section 8 restrictions for a 20 years.
Beacon was the only developer committed to maintaining some affordable units at Tammy Brook, town Planning Director James Clarke said in June.
The sale to Beacon’s BC Tammy Brook LLC affiliate closed on Thursday. The $11.9 million purchase included the land. With development costs, $2 million in planned capital improvements, permitting fees and other fees, the total cost is $16.7 million, according to the town’s planning department.
Two-thirds of the Tammy Brook units remain subsidized – 24 Section 8 units and 41 units earmarked for families making less than 80 percent of the local median income. The rest will be unrestricted.
“We’re looking forward to continuing to provide quality housing for the existing residents,” said Mark Epker, Beacon senior vice president of acquisition.
Weymouth contributed $250,000 toward the project – $150,000 in Community Preservation Act money and the rest from federal funding.
Epker said the $2 million in capital improvements will include exterior work, replacement of HVAC equipment, new roofs and interior improvements. Work should begin after the holidays, he said.
Last fiscal year, the Massachusetts Development Finance Authority provided $47.4 million in bonding for affordable-housing projects. The figure varies from year to year.
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