MassDevelopment, the state’s finance and development agency, said it has issued an $8.5 million tax-exempt bond on behalf of the Roxbury Crossing Senior Building Limited Partnership, an affordable senior housing project sponsored by Mission Hill Neighborhood Housing Services Inc.
The organization will use bond proceeds to build a 40-unit rental housing facility for seniors 62 and older, MassDevelopment said in a press release.
The Roxbury Crossing Senior Building will be a four-story building with one-bedroom units averaging 530 square feet. All residential units will be affordable, with 20 units reserved for households earning no more than 30 percent of the area median income and 19 for 50 percent of the area median income. RBS Citizens purchased the bond.
The site of the new Senior Building was vacant for several decades and is the first phase of Mission Hill Neighborhood Services’ plan to revitalize the area. The parcel is across from MBTA Parcel 25, a two-acre vacant plot at the corner of Columbus Avenue and Tremont Street.
“Affordable housing projects such as the Roxbury Crossing Senior Building stimulate economic growth and rejuvenate a community,” MassDevelopment president and chief executive Marty Jones, said in a statement. “We are pleased to leverage this low-cost financing on behalf of Mission Hill Neighborhood Housing Services, bringing the organization closer to its goal of solidifying Roxbury Crossing as a neighborhood offering a range of housing options.”
Mission Hill Neighborhood Housing Services is a community-based nonprofit housing and economic development organization committed to the revitalization and stabilization of the Mission Hill neighborhood.