We invest our flexible loan capital creatively and intentionally to generate opportunities for people with low incomes and remove systemic barriers to help them thrive.
Lowell Community Health Center provides high quality, culturally competent, affordable health services to individuals and families who are medically underserved, uninsured, and low-income. With this loan, the Health Center provides new dental and vision services to their patients. It also increased adult health services and consolidated administrative offices into one locale. The health center serves more than 25,000 patients, annually.
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Community Economic Development Center (CEDC) is completing a three phase renovation of a historic movie theater in New Bedford’s downtown Transformational Development Initiative District. The property’s renovation will serve to activate a vacant community building on a prominent commercial corridor in an underinvested neighborhood. This phase of the green adaptive reuse initiative will create 6 units of affordable rental housing and 5,200 square feet of ground floor retail / commercial space.
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Victory Programs is acquiring an existing Single Room Occupancy (SRO) property at 16 Williams Street in Brookline, MA. The property was owned by a nonprofit organization serving adults with disabilities, and the City of Brookline selected Victory Programs to ensure the property is preserved as affordable supportive housing. The property will house 10-12 individuals/families in recovery who are being reunited with their children.
Read more about this projectPennrose is developing 48 units of mix-income affordable rental housing on a parcel of land owned by the town of Chatham, on Cape Cod. The 2.9 acres parcel at 1533 Main Street in Chatham was purchased by the Town in 2022 and Pennrose was selected to develop affordable and workforce housing on the site.
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The Hillsboro Live/Work Condominiums project consists of 21 new for-sale residential units in a four-story building. All units will be affordable and a preference for Boston- Certified Artists will apply to 18 of the units. This project is an extension of the effort New Atlantic undertook to preserve the adjacent Humphreys Street Studios buildings – a commercial artist studios property that serves approximately 45 artists and creative small businesses, most of whom are low and moderate-income.
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Way Finders purchased 384 High Street, a half vacant commercial building, as part of a comprehensive and strategic revitalization plan for the High Street commercial corridor. This acquisition is a critical component of Way Finder’s site assemblage plan to control four contiguous parcels on the block.
Cruz Companies consolidated and relocated company headquarters to the ground floor of their newest affordable housing development, Michael E Haynes Arms. The headquarters is community facing and is a reflection of four generations of family commitment to, and investment in, Roxbury.
Lawrence CommunityWorks (LCW) is completing the historic rehabilitation of the DyeWorks mill building, the capstone project of LCW’s 20-year effort to transform the eastern end of Lawrence’s Historic Canal District into a vibrant, equitable neighborhood (Union Crossing). The renovated building will bring critical new services to the neighborhood including a new full- service grocery store co-located with a health center clinic and new expanded space for LCW’s youth program, Movement City (MC).
ACEDONE was awarded a City of Boston vacant parcel as part of the Welcome Home Boston initiative (WHB), which seeks to activate vacant city parcels for affordable housing development. ACEDONE, an established social service organization serving east African immigrant communities in Boston, was selected to develop a bundle of two small parcels along Erie and Glenway streets in the north Codman Square neighborhood of Dorchester into three triple decker buildings with nine condominium units to be sold to first-time homebuyers earning between 80-100% of the area median income. Six of the nine units will be family-sized 2 and 3 BR condominiums.
VietAID purchased 190 Bowdoin Street in the Fields Corner neighborhood of Dorchester with a plan to construct 40 affordable homeownership units. The property is directly across the street from the organization’s most recent project, a 41-unit Low Income Housing Tax Credit rental development.
The Community Builders acquired the former Comfort Inn hotel on Morrissey Blvd in Dorchester to be converted into 99 units of Permanent Supportive Housing (PSH) for formerly homeless individuals, with an emphasis on older (62+) individuals. The project is a powerful partnership between The Community Builders (TCB), a leading developer of affordable housing projects, and the Pine Street Inn (PSI), the leading provider of shelter housing and supportive services to formerly homeless individuals in the Boston area.
PCI arranged $38.5 million in financing to support the creation of a new state-of-the-art 21st Century educational facility in Nubian Square in Roxbury for one of Boston’s anchor educational institutions. BFCIT provides alternative educational paths for primarily low-income students of color to match the future needs of Boston residents and employers. The new campus will increase enrollment capacity by more than 60% to serve an additional 560 students.
Capstone Communities refinanced and recapitalized its 25-unit, mixed-income rental property in downtown Brockton. The organization undertook the historic renovation of a former shoe manufacturing site to create the new 25-unit property in 2012 using a myriad of public and private resources including construction/bridge financing from PCI. The property was one of the first historic renovations/conversions in downtown Brockton and fits well with the City’s priority of bringing mixed-income housing to the city’s downtown.
Lawrence Community Works (LCW) received a $1.5MM award from Department of Energy Resources (DOER) to modernize and decarbonize a scattered portfolio of twelve (12) affordable housing rental buildings across the City of Lawrence, with a total of 75 units of affordable housing. These upgrades provide tangible financial benefits for LCW as a nonprofit housing operator and subsequently to the residents. Furthermore, the project serves as a critical demonstration project for the Commonwealth in its efforts to transition the state’s portfolios of scattered, smaller affordable rental buildings off fossil fuels in the coming years.
TLee Development is constructing an 18-unit affordable home ownership project with two ground floor commercial units designed to stabilize local businesses. All units will be affordable to households earning less than 100% Area Median Income (AMI) (6 at 80% AMI, 6 at 90% AMI and 6 at 100% AMI).
