MassHousing closes $4.4m in financing for senior housing in West Roxbury
MassHousing, the state’s affordable housing bank, said Thursday that it has closed on $4.4 million in financing to help build Cheriton Heights Senior Housing in Boston’s West Roxbury neighborhood.
With 70 rental apartments, the project is a new affordable housing community for senior citizens, and the new six-story building will be located next to an existing 60-unit building for seniors called the Cheriton Grove Apartments, MassHousing said.
The project is being developed by the American Arabic Benevolent Association and the Community Builders. The American Arabic Benevolent Association developed the Cheriton Grove Apartments in the 1980s. The estimated completion date for the new building is August 2013.
“The close proximity of these two affordable senior communities, under the same management, will create a campus where residents of both buildings will be able to share resources and an extensive network of services for the elderly residents,” MassHousing said in a press release.
Roughly $1 million of the of the $4.4 million financing is coming from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state’s Department of Housing and Community Development.
All told, Cheriton Heights Senior Housing is a $19.9 million project, MassHousing said.
The US Department of Housing and Urban Development is also providing more than $6 million in financing, and the project is expected to benefit from more than $7 million in additional funds from federal Low Income Housing Tax Credits, MassHousing said; an additional $1.7 million is being provided by the City of Boston, and another $750,000 is coming from the state.
The contractor is CWC Builders. The architect was Nunes Trabucco Architects.Chris Reidy can be reached at email@example.com.