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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Civico Development and Rees-Larkin Development are working together to convert an industrial mill building into 63 units of affordable and workforce rental housing in Worcester’s Main South neighborhood. The development will also include space for two local food justice organizations, as well open green spaces for the community to use and enjoy.
The Midwinter Apartments project will create 34 studio apartments for very low-income residents who are at risk of experiencing homelessness. The building's first floor will include offices and a recreational/common space that will be used for a range of educational opportunities such as job training, life skills, and Alcoholics Anonymous (AA) meetings.
The vision for the Mission Hill Pathway project is to take long vacant City of Boston land to create a new paradigm for infill development that addresses multiple City priorities. The project will create 44 affordable homeownership units, a community garden, and open space on 11 parcels of vacant land at Parker and Terrace Streets in the Mission Hill neighborhood of Boston.
Esperanza Academy, founded in 2006, is a tuition-free, all-girls independent school serving low-income, predominantly Latino/Hispanic students in grades 5-8 in Lawrence. The school is in the process of building a new campus where it will educate girls in grades K-8 and stay engaged with graduates through high school and college, proving graduate support and career guidance. PCI is a participant in a $14 million capital campaign bridge loan.
The Park & Pearl Portfolio includes 30 units of Naturally Occurring Affordable Housing (“NOAH”) in Chelsea, MA, spread across three occupied multifamily apartment buildings that are roughly adjacent to each other along Park and Pearl Streets. The Park & Pearl Portfolio acquisition is a key component of The Neighborhood Developers’ 5-year anti-displacement strategy that involves assembling and then permanently preserving 150 NOAH units in Chelsea through a scattered-site LIHTC financing. To support its ambitious NOAH / anti-displacement strategy, The Neighborhood Developers and its affiliate OppCo have established the Housing Accelerator Fund with capital raised from large foundations, banks, healthcare institutions, and the City of Chelsea.
Pennrose 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.
Pennrose is developing 238 Pittsfield Road in Lenox into a 68-unit mix-income affordable rental property at a vacant site. The project will replicate Pennrose’s mixed affordable/workforce development, the Forge, located down the road in Lenox
Housing Assistance Corporation (HAC) is constructing a 50-unit, residential for-sale condominium building, with 31 units affordable to households earning less than 100% of the Area Median Income (AMI), 15 units affordable to households earning less than 120% AMI, and 4 units sold at market value to HAC to be workforce rental units. The project is at the intersection of Steven and North Streets in central downtown Hyannis on Cape Cod.
Beacon Communities Development LLC acquired and is redeveloping a commercial building at 793 Washington Street in Newton into 56 units of affordable rental housing with 6,390 SF of ground floor commercial space. The property is located in the Newtonville neighborhood of Newton and is a short distance from a Commuter Rail stop and centrally located for bus service. More than half of the units will be family sized.
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.
