As part of the deal, the developer agrees to preserve the affordability of the project. Eric Berman, a spokesperson for MassHousing, tells GlobeSt.com, that in return for that commitment, MassHousing provides the mortgage at a lower interest rate. All but two of the units will remain affordable for low income seniors and that status will remain for the next 40 years, notes Berman. Without this deal, it was likely that the developer would have converted the development to market rate units.
As part of the financing, MassHousing has allocated $17.7 million in Low Income Housing Tax Credits. The sale of these tax credits to investors by the owners is expected to raise an additional $11.5 million in private investment for the project.
Built in 1982, South Cove Plaza Apartments consists of two brick apartment buildings--an eight-story building containing 142 units located at 230 Stuart St. and a seven-story building containing 89 units located at 285 Tremont St.
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