MassHousing commits to Randolph rental project
MassHousing, the state's affordable housing bank, said today it is making a loan commitment of up to $32.5 million for a rental apartment complex proposed for Randolph.
The developer of the Avalon Blue Hills project on Canton Street, AvalonBay Communities Inc. of Virginia, envisions a complex of 276 apartments; of that total, 69 of the units will be reserved in perpetuity for residents earning no more than 80 percent of Area Median Income guidelines, MassHousing said.
That's $52,900 for a two-person household, and affordable-housing income limits vary based on household size, MassHousing noted.
The remaining apartments will be market rate, MassHousing said.
Plans call for the complex to feature nine buildings clustered in a campus-style setting and surrounded by professionally landscaped grounds and permanently restricted open space for conservation purposes; there will be 154 two-bedroom apartments and 122 one-bedroom apartments, MassHousing said.
(By Chris Reidy, Globe staff)
