Developments > Pondview Apartments
Pondview Apartments is one of several HUD expiring use properties MHIC has helped to rescue. MHIC provided construction-period financing in 2001 through a joint venture with the MHP Fund. This apartment complex was at high risk of conversion to market rate until the Neighborhood Development Corporation of Jamaica Plain acquired it. The project was completed in 2001. The project was completed in November, 2001. Macomber was the contractor. The project had equity and construction loan funds. The MBE goal was 36%, and the actual results for MBE was 33%. The Minority Employment goal was 50%, and the actual minority employment results was 43%.
Pondview Apartments
Project at a Glance:
Location:
Boston
Development Type:
Rental
MHIC Financing:
$4,100,000 in debt financing, $4,459,604 in LIHTC financing
Sponsor:
Jamaica Plain Neighborhood Development Corporation
Number of Units:
60
Pondview Apartments is one of several HUD expiring use properties MHIC has helped to rescue. MHIC provided construction-period financing in 2001 through a joint venture with the MHP Fund. This apartment complex was at high risk of conversion to market rate until the Neighborhood Development Corporation of Jamaica Plain acquired it. The project was completed in 2001. The project was completed in November, 2001. Macomber was the contractor. The project had equity and construction loan funds. The MBE goal was 36%, and the actual results for MBE was 33%. The Minority Employment goal was 50%, and the actual minority employment results was 43%.