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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Norfolk Design & Construction received a commitment of $7.5MM in City of Boston Affordable Opportunity Program (AOP) subsidy to preserve 60 units of affordable rental housing. Norfolk, an emerging MBE, is using this opportunity to build an affordable rental housing portfolio. PCI financed the acquisition of three properties in 2023.
The Jamaica Plain Neighborhood Development Corporation (JPNDC) and Causeway Development are partnering to build a 45-unit, residential for-sale condominium building, with 16 units that will be affordable to households earning less than 80% of the Area Median Income (AMI) and 29 that will be affordable to households earning less than 100% AMI. The project is located a short walk from the Forest Hills train station.
Lawrence CommunityWorks (LCW) purchased an expiring use, 12-unit affordable rental property in the center of its target area, preserving the units as affordable for decades to come
Causeway Development and Civico Development are developing a 60-unit new construction, mixed income multi-family rental building on the town-owned “Waterfield” parking lot. The project will bring much needed housing to a prime transit-oriented development (TOD) location across from the commuter rail stop, in line with the Winchester’s Master Plan and the Commonwealth’s priority of increasing density around transit nodes.
Worcester Common Ground (WCG), a Community Development Corporation founded in 1988, acts as a developer of last resort, rehabilitating abandoned housing and acquiring parcels of vacant land for new construction to provide area residents with affordable rental units, the opportunity to own their own home, and an avenue to contribute to an increased level of neighborhood investment, pride and stability. WCG has developed a total of 253 units of housing. The line of credit supports the organization’s growing development pipeline.
Caritas purchased an existing 17-unit lodging house in Quincy, preserving the affordability of these units for residents with extremely low incomes. In addition to improving the quality of the units and the common space, Caritas will provide services to residents, including help with medical insurance, food benefits, employment and rental assistance.
700 Harrison is a mixed-use, mixed-income development in Boston’s South End neighborhood. It includes 84 units of mixed-income for-sale housing, 6,400 SF of retail space, 160 garage parking spaces, and an 8,400 square foot community garden. Financing helped stabilize the retail/commercial component of the project after Covid significantly and negatively impacted the retail tenants – a bi-lingual preschool and an immigrant owned-restaurant.
East Boston Community Development Corporation purchased a 36-building scattered-site apartment portfolio from a private seller in East Boston. With significant support from public and private funders, this portfolio of 114 units is affordable to low- and moderate renters, helping to combat the housing crisis and displacement in this neighborhood. An innovative ownership model gives the community an ongoing stake in the portfolio of properties.
Pennrose was selected to redevelop the Chelsea Soldiers’ Home domiciliary campus. The campus will create a welcoming and attractive home for veteran families, senior veterans, and individual veterans. Veterans face a unique set of issues, including mental health conditions, substance abuse disorder, physical injuries and disabilities, legal concerns, and a need for job training. The centerpiece of Pennrose’s redevelopment plan is the Veterans’ Resource Center - a “hub” of gathering spaces at the heart of the campus, which also allows partners to come onto the campus and provide services to the residents and other veterans in the community. These comprehensive services will support the residents of the 248 new units of housing, affordable from 30% of AMI to 120 % of AMI.
In the second phase of the adaptive reuse of the Knox Automobile Company complex, First Resource is creating 41 new affordable units, which, together with the 55 new affordable units in Phase I resulted in a community of 96 total units in the renovated factory buildings in the Mason Square neighborhood in Springfield.
