A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties.

The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping.

The properties are Sussman House in Brookline, built in 1969; 116 Norfolk St. in Cambridge, built in 1920; Carlson Crossing West, built in the 1950s; and the Saltonstall Building in Medford, built in 1968. In addition to the tax-exempt bond funding from the state, the properties received a total of $135.3 million in federal Low-Income Housing Tax (LIHTC) credit equity.

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