Developments > Jackson Commons (JS Redevelopment)
Jackson Commons, developed by Urban Edge Housing Corporation (UE), is an integral part of the Jackson Square Redevelopment Initiative (JSRI), a community-driven process more than a decade in the making that is transforming this section of Boston into a vibrant, mixed-use neighborhood. Jackson Square was bulldozed in the 1960s and has been vacant and underutilized since that time. The project is across the street from the Jackson Square MBTA station and 225 Center Street, another mixed-use project recently financed by MHIC with LIHTCs and NMTCs (see pages ).
MHIC helped launch JSRI; first, in 2002, it made a $3.6 million loan for UE to acquire the strategically-located Webb building. Then in 2006, MHIC led a consortium of five lenders in a $1.5 million predevelopment loan to Jackson Square Partners, formed by UE and others to lay the groundwork for JSRI.
Jackson Commons as a whole consists of both affordable housing and commercial space. The Webb building rehabilitation and adaptive re-use, financed with a bridge loan and New Market Tax Credit financing from MHIC, will contain 10,618 square feet of commercial space for UE’s offices and programs, including a Neighborhood Learning Center, plus a café and 8 rental units affordable to moderate-income families. A new 4-story addition to the Webb building (Jackson Commons) will create 29 affordable rental apartments financed in part with a $6.8 million low-income housing tax credit investment from MHIC.
Jackson Commons (JS Redevelopment)
Project at a Glance:
Location:
Boston
Development Type:
Commercial,Rental
Project Type:
Adaptive reuse of historic building
MHIC Financing:
$3,433,347 in debt financing, $9,360,500 in NMTC financing
Sponsor:
Urban Edge Housing Corporation
Number of Units:
8
Jackson Commons, developed by Urban Edge Housing Corporation (UE), is an integral part of the Jackson Square Redevelopment Initiative (JSRI), a community-driven process more than a decade in the making that is transforming this section of Boston into a vibrant, mixed-use neighborhood. Jackson Square was bulldozed in the 1960s and has been vacant and underutilized since that time. The project is across the street from the Jackson Square MBTA station and 225 Center Street, another mixed-use project recently financed by MHIC with LIHTCs and NMTCs (see pages ).
MHIC helped launch JSRI; first, in 2002, it made a $3.6 million loan for UE to acquire the strategically-located Webb building. Then in 2006, MHIC led a consortium of five lenders in a $1.5 million predevelopment loan to Jackson Square Partners, formed by UE and others to lay the groundwork for JSRI.
Jackson Commons as a whole consists of both affordable housing and commercial space. The Webb building rehabilitation and adaptive re-use, financed with a bridge loan and New Market Tax Credit financing from MHIC, will contain 10,618 square feet of commercial space for UE’s offices and programs, including a Neighborhood Learning Center, plus a café and 8 rental units affordable to moderate-income families. A new 4-story addition to the Webb building (Jackson Commons) will create 29 affordable rental apartments financed in part with a $6.8 million low-income housing tax credit investment from MHIC.