Boston Capital announced that it is investing in the construction of Patriot Homes, a 24-unit apartment community for individuals and families with a preference for veterans in Boston, Massachusetts. The general partners for this project are Caritas Communities and South Boston Neighborhood Development Corporation, based respectively in Braintree and Boston, MA.
Patriot Homes will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Homes will be available to veterans, individuals and families earning 60 percent or less of the area median income (AMI).
The apartment community will feature 12 studios, two one-bedroom and 10 two-bedroom units in the neighborhood of South Boston. Patriot Homes will feature two buildings, including the rehabilitation and adaptive re-use of a two-story former police sub-station and a new three-story building. Development amenities will include a community room with a kitchen and a common laundry. Unit amenities will include central air conditioning and dishwashers (in the one- and two-bedroom units).
The construction of Patriot Homes will generate nearly $2.6 million in local salaries and create nearly 30 new jobs in the Boston area. Boston Capital’s investment in this development adds 24 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 3,800 affordable apartments in Massachusetts.
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings include more than 1,990 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 140,000 apartment homes with a development cost in excess of $16.1 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.