| A $8 million construction loan from Citizens Bank’s community development group will pay for rehabilitation of 111 affordable housing units in East Boston.
Citizens Bank provided the financing to Landfall Community Assoc. II LLC, an affiliate of the East Boston Community Development Corp. The recapitalization applies to properties at 72-74 Marginal St.; 259-261, 263-265 and 344-350 Meridian St.; 186-192 Cottage St. and 403 Sumner St. (also known as 11 Seaver St.).
Fifteen units will be available to tenants at or below 30 percent area median income, four units to tenants at or below 50 percent AMI, 53 units are available to tenants at or below 60 percent AMI, 24 units are available to tenants at or below 80 percent AMI and 15 units will be market rate.
East Boston CDC has developed 280,000 square feet of commercial and industrial space, 145 affordable family rental units, and 305 affordable elderly rental units since its founding in 1971.
Citizens’ Community Development Group has committed nearly $2 billion toward development or rehabilitation of more than 15,000 housing units and over 400,000 square feet of commercial space in low- and moderate-income communities since 2013.
