$45M Finances Affordable Housing in Jamaica Plain

MassDevelopment issued a $45,220,000 tax-exempt bond on behalf of 127 Amory Street, LLC, an affiliate of The Community Builders, Inc., which is using proceeds to build a six-story, 96-unit affordable multifamily housing development at 127 Amory St. in Boston’s Jamaica Plain neighborhood. The tax-exempt bond, purchased by Eastern Bank, helped the borrower achieve a lower cost of capital. In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $40 million in equity for the project. This project is part of the larger Amory Street redevelopment that is being completed through a partnership with the Boston Housing Authority, The Community Builders, Urban Edge, and Jamaica Plain Neighborhood Development Corporation.