Developments > Shillman House
MHIC’s $3.2 million low-income housing and energy tax credit investment helped finance new construction of this 150-unit mixed-income housing development for seniors. The Morton and Etta Shillman House (Shillman House) is located on an 8.8-acre campus in the Nobscot Village area of this Boston suburb. It offers a full range of support services and amenities such as a fitness center, computer room, library, convenience store and community space.
Ninety of the 150 units are reserved for low-income households, and 60 are being rented at market rates.
Shillman House received $2.9 million in federal stimulus funds through the American Recovery and Reinvestment Act. To be eligible for that funding, the project had to be “shovel ready” and promise to have a significant economic impact both in terms of number of affordable units developed and jobs created. BrooklineBank, in a side-by-side-equity investment with MHIC, also provided $3.2 million in tax credit equity to the project. MHIC is acting as the Investment and Asset Manager for Brookline Bank.
Shillman House
Project at a Glance:
Location:
Framingham
Development Type:
Senior Housing
Project Type:
New construction
MHIC Financing:
$6,480,633 in LIHTC financing
Sponsor:
2 Life Communities
Number of Units:
150
MHIC’s $3.2 million low-income housing and energy tax credit investment helped finance new construction of this 150-unit mixed-income housing development for seniors. The Morton and Etta Shillman House (Shillman House) is located on an 8.8-acre campus in the Nobscot Village area of this Boston suburb. It offers a full range of support services and amenities such as a fitness center, computer room, library, convenience store and community space.
Ninety of the 150 units are reserved for low-income households, and 60 are being rented at market rates.
Shillman House received $2.9 million in federal stimulus funds through the American Recovery and Reinvestment Act. To be eligible for that funding, the project had to be “shovel ready” and promise to have a significant economic impact both in terms of number of affordable units developed and jobs created. BrooklineBank, in a side-by-side-equity investment with MHIC, also provided $3.2 million in tax credit equity to the project. MHIC is acting as the Investment and Asset Manager for Brookline Bank.