MassHousing provided a total of $30.3 million in affordable housing financing to the Fenway Community Development Corporation for the refinancing, major renovation and preservation of affordability for mixed-income households at the 97-unit Newcastle Saranac in Boston’s South End. MassHousing is providing Fenway CDC with a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan, and $2.25 million in Section 13A preservation financing.
The transaction also involved $15.5 million in equity from the allocation of Federal LIHTCs by the Massachusetts Department of Housing and Community Development (DHCD), $9 million in Section 13 preservation financing from DHCD and $1.55 million in DHCD National Housing Trust financing, $3 million from the City of Boston’s Department of Neighborhood Development (DND), $2.1 million in Fenway CDC sponsor loans, and an estimated $585,571 in income during construction. The Community Economic Development Assistance Corporation (CEDAC) provided $31.7 million in acquisition financing in a previous transaction. The City of Boston contributed $9.1 million in BPDA linkage funds toward the acquisition.