NEW YORK: The one hundred and eighty-ninth entry for the seniors housing Global Awards 2016 has been received.
MassDevelopment, Massachusetts’ finance and development agency, recently issued a $30.8 million tax-exempt bond on behalf of Jefferson Park Apartments LLC, an entity associated with the Cambridge Housing Authority.
The bond proceeds will be used for the demolishing and reconstruction of the fully-affordable Jefferson Park multifamily community in Cambridge, Mass. Bank of America has been named as bond purchaser. The project will benefit from federal low income housing tax credits that will provide in excess of $25 million in equity.
Sitting at 1 Jackson Place, the six-building, 108-unit property was built in 1950 as housing for World War II veterans and their families. The Massachusetts Department of Housing and Community Development has ruled the 10.7-acre site, as it stands now, as obsolete, calling for demolition of the North Cambridge buildings. Since initial completion, the community owned and managed by the Cambridge Housing Authority has provided affordable housing for families and individuals, and it will continue to do so after redevelopment…
