MassHousing closed on a total of $78.8 million in financing to Beacon Communities LLC, to complete the third phase of the redevelopment of obsolete public housing at the Anne M. Lynch Homes at Old Colony in South Boston. The MassHousing financing will allow Beacon Communities, in partnership with the Boston Housing Authority (BHA), to demolish 135 older public housing units and construct 170 new affordable homes for lower-income families and senior citizens.
Originally constructed in 1940, Old Colony is one of the oldest federal public housing developments in the country, and prior to the current redevelopment effort, was one of the most distressed properties in the BHA’s federal portfolio. Beacon Communities and the BHA are redeveloping the 845-unit Old Colony in multiple phases. To date, the first two phases and a portion of the third phase of the redevelopment have been completed, resulting in the replacement of blighted public housing with 420 new apartment units and town homes.