This is great news for those working to keep our neighborhoods affordable while taking care of some very badly-needed upgrades.
From the wire:
MassHousing announced loan commitments today of up to $43 million for the renovation and preservation of affordability at the 500-unit Castle Square housing community in Boston’s South End.
The Castle Square Tenants Organization and WinnDevelopment plan a number of renovations and upgrades to Castle Square’s buildings and apartments while maintaining affordability for the low-income residents who reside there.
MassHousing has committed up to $35 million in tax-exempt permanent financing and up to $8 million in tax- exempt bridge financing.
“Castle Square is an important affordable housing resource in the city of Boston and we are pleased to be working with Winn Development and the Castle Square Tenants Organization to make major improvements there while keeping 500 apartments affordable for Castle Square’s residents,’’ said MassHousing Executive Director Thomas R. Gleason.
Located at 484 Tremont St., Castle Square’s 500 apartments are located in 25 buildings on an 11.5-acre site. Of the 25 buildings, 19 are four-story brick townhouses and four are seven-story mid-rise buildings. Two single-story buildings house maintenance and laundry facilities as well as a community room and daycare centers. There are 145 one-bedroom apartments, 158 two-bedroom apartments, 132 three-bedroom apartments and 65 four-bedroom apartments.
Related posts:
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- Presentations of 641 Mass Ave condos & Charlesview apartments on tap at BRA
- Ed Glaeser nails it, once again: historic preservation can hurt cities
- Christian Science Center Plaza plans revamped; preservation desired
- California ruling on affordable housing set asides may mean trouble in Boston
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