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MassDevelopment has issued a $9.4 million tax-exempt bond on behalf of 61 Heath LLC, which will use bond proceeds to build a 47-unit affordable multifamily rental housing facility at the site of a vacant lot in Boston’s Jamaica Plain neighborhood.
61 Heath LLC is an affiliate of Jamaica Plain Neighborhood Development Corporation (JPNDC). JPNDC is collaborating with Back of the Hill CDC on this project through an existing partnership that has already produced 80 affordable homes on nearby streets. The city of Boston provided the land and development funding for the project.
“This project not only means new desperately needed affordable homes for Boston families, but is a big step forward in the revitalization of the entire Jackson Square area. We’re very grateful for MassDevelopment’s critical support,” JPNDC Executive Director Richard Thal said in a statement.
The new facility, known as 61 Heath Street Apartments, will consist of 11 one-bedroom units, 22 two-bedroom units and 14 three-bedroom units. Forty of these units will be rented to households earning no more than 60 percent of area median income, while the remaining seven will be rented to households earning no more than 70 percent of area median income.
“MassDevelopment is proud to support Jamaica Plain Neighborhood Development Corporation in its work to transform underused property into affordable housing for the residents of Boston,” MassDevelopment President and CEO Lauren Liss said in a statement. “The development of 61 Heath Street will activate an empty lot nestled between Boston’s growing Jamaica Plain and Mission Hill neighborhoods while adding 47 new units to the city’s affordable housing stock.”
The facility will include a neighborhood-friendly commercial space and a community room for use by the tenants and by other community members. The apartments will be located at 61 Heath Street, near Jamaica Plain’s border with Mission Hill, and within a half-mile of community resources such as the Southwest Corridor Park, playgrounds, two elementary schools, a community health center, a supermarket and a vibrant commercial district. Eastern Bank purchased the bond.
