Featured Projects

To support a major revitalization effort in New Haven, CT, MHIC provided Beacon Communities, the project sponsor, with two acquisition loans totaling $8.8 million to purchase an abandoned building on Chapel Street and a parking lot on State Street. Beacon plans to redevelop these parcels into a mixed-income, mixed-use community. The project aligns with Beacon’s initiative to create and preserve affordable housing and stabilize downtown commercial space in New Haven.

MHIC provided a $223,600 loan for the build-out of 4,886 square feet of first floor retail space at 2565 Washington Street, otherwise known as Bartlett Building B of Bartlett Station, for sub-tenant Liberty Fitness to bring affordable fitness options to Nubian Square. The loan was funded through the Healthy Retail and Commerce Initiative, with funding from Boston Medical Center.

Achieved through $9 million in construction financing from MHIC and The Life Initiative, Great Bridge Properties (GBP) constructed a four-story L-shaped elevatored building containing 70 units of affordable rental housing for adults who are 55 and older. The development will be located on the TriTown Landing master site, an 8.7-acre site that has been developed in phases by GBP over the past decade. The first three phases consisted of 131 units of affordable family housing in four three-story buildings. Baker Brook is the last phase of the development.

35-37 Linden Street is two side by side townhouses offering three affordable rental apartments, located one block from the planned Union Station Green Line Extension T-Stop. The property was acquired by Somerville Community Corporation (SCC) with a $1.2 million acquisition loan from MHIC.

The YMCA of the North Shore (YMCA-NS) is using MHIC’s $8.8 million in LIHTC financing to provide 67 affordable homes in Beverly, MA, transforming 45 existing SRO units into efficiency apartments and constructing an additional 22 apartments. The Institution for Savings is the LIHTC investor.

Home City Development successfully converted 104 single room occupancy apartments into 101 energy efficient studio apartments, all with kitchenettes and private bathrooms. Chestnut Crossing occupies the top five floors of a building formerly occupied by the YMCA of Greater Springfield, which Home City purchased from the Y in 2013. 93 studios are affordable to low- and very-low-income households and eight units are market rate. Residents have the benefit of several transportation options just minutes away.

Constructed circa 1900, the seven buildings that make up Granite Lena Park Apartments provide stable housing for extremely low and low-income households. Acquired by Lena Park Community Development Corporation (Lena Park) from HUD in 1988, the properties have not had a major rehabilitation since the late 1980s. The properties are spread over about one-half mile, with some of the sites located along Blue Hill Avenue facing Franklin Park, part of Boston’s “Emerald Necklace.” The apartments are 100% affordable and of varying sizes, from one to four bedrooms. The larger apartments are particularly important as they provide much-needed family housing in the neighborhood.

Finch Cambridge (formerly called Concord Highlands), developed by Homeowner’s Rehab, Inc., was the largest new construction, affordable housing community to be built in Cambridge in over 40 years. Located across from Fresh Pond in the Alewife area, the development provides 98 apartments that are affordable to low, moderate, and middle-income households. Finch Cambridge provides crucial affordable rental apartments in this area of Cambridge, which is a Designated Area of Opportunity and is transforming from an industrial and manufacturing district into a new mixed-use neighborhood.

Dorchester Bay Economic Development Corporation (DBEDC) is sponsoring the renovation and preservation of Dudley Terrace Apartments, five buildings containing 56 apartments scattered throughout the Uphams Corner and Savin Hill neighborhoods of Dorchester. These buildings, one of which is a historic preservation property, have been long-term homes for many of the residents. Originally constructed between 1890 and 1925, the buildings range from three to four stories, and include a mix of one, two, and three-bedroom apartments totaling over 57,000 square feet. They are within easy reach of public transportation and major routes, and one property includes a neighborhood market on the ground floor. The project renovations include major upgrades to the occupied spaces, improved ventilation, windows, and exterior repairs.