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.
North Shore Community Development Coalition has a robust pipeline of affordable housing projects in development which, when completed, will nearly double the organization’s real estate portfolio. The streamlined predevelopment loan ensured that this important nonprofit, community developer had adequate liquidity to move the projects through the development cycle, efficiently.
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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.
Allston Brighton Community Development Corporation is conducting a green energy retrofit of its 12-unit boarding home on Ashford Street in the Allston neighborhood of Boston. Primarily Single Room Occupancy (SRO) units, this affordable community serves the most vulnerable individuals and households.
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.
Windale is constructing 21 homeownership properties, including 7 homes affordable to households earning less than 80% of the Area Median Income (AMI) and 9 homes affordable to households earning less than 100% AMI. The proposed 21 homes will be newly constructed along three streets on 12 City of Boston owned vacant parcels in Roxbury put out to bid through the city’s Neighborhood Homes Initiative (NHI) which seeks to create mixed-income developments with homeownership opportunities across various income levels.
The Messiah Ventures portfolio provides stable, local ownership of five triple-decker properties in Dorchester. These properties are comprised of 4- and 5-bedroom units, meeting a critical need for family housing.
Beacon Communities’ Walkover Commons project is preserving 51 units of affordable housing in an 80-unit mixed-income rental community at Walkover Commons in Brockton. Beacon intends to rehabilitate the property as part of a Low-Income Housing Tax Credit (LIHTC) financing.
The Neighborhood Developers (“TND”) have acquired a portfolio of 27 units of Naturally Occurring Affordable Housing (“NOAH”) in Chelsea, MA. The ABC Portfolio includes four properties with a total of 27 units along Albion, Blossom and Carrol Streets in Chelsea, MA. The ABC portfolio acquisition is a continuation of TND’s execution of its five-year anti-displacement strategy that involves assembling and then permanently preserving 150 NOAH units in Chelsea through scattered-site Low-Income Housing Tax Credit (“LIHTC”) financing.
MassVIBE was awarded five City of Boston vacant parcels as part of the Welcome Home Boston initiative, which seeks to activate vacant city parcels for affordable housing development. The city has focused this program on new or ‘emerging,’ minority-owned development teams. MassVIBE was selected to develop five parcels along Ballou Avenue and Selden Street in the South Codman Square neighborhood of Dorchester into 18 units that will be sold to first-time homebuyers earning between 80-100% of the area median income. All of the units will be family-sized dwellings.
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 throughout 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 two and three bedroom condominiums.
Harvard and Standish Homes is a new mixed-income development that will create 22 income-restricted homeownership opportunities in Dorchester along with neighborhood-focused retail property and more than 6,000 square feet of outdoor space for residents. The homes are located near public transit, schools, and local businesses allowing new homeowners to stay connected to the neighborhood they call home.
