BOSTON – Bulk housing has completed a total of $ 64.7 million in affordable housing finance for nonprofits NHP Foundation for the acquisition, renovation and maintenance of the historic 217 units, Blue Mountain Apartments in Roxbury.
As a result of the transaction, all 217 apartments in the Blue Mountain Apartments will remain affordable to low-income households through at least 2045.
“The Blue Mountain Apartments have long been a major source of affordable housing for the Roxbury community. Now, that funding will result in major renovations and an extension of affordability for the residents who will continue to live and thrive there. “said Bulk housing Managing Director Chrystal Kornegay. “The NHP Foundation shared our commitment to maintaining these affordable homes and we were excited to work with them to make this vision a reality.”
“The future of affordable housing in cities like Boston lies in partnerships between visionary employees,” added Mecky Adnani, Sr. Vice President of NHPF. “This endeavor is the best way to preserve the neighborhood’s historic fabric, maintain long-term affordability, and provide high-quality housing, amenities, and services that would expand opportunities for our shared apartments. “
Bulk housing is providing the NHP Foundation with $ 52.2 million in construction to fund the acquisition and renovation of the 19 historic buildings that make up the community on a permanent basis and $ 12.5 million in the purchase of land.
The transaction also included $ 35.5 million in low-income residential real estate tax credits, $ 4.5 million in state historical tax credits and $ 3 million in expected operating income. PNC Bank, NA was the housing and historical tax credit investor.
The 217 units in the Blue Mountain Apartments are located in 19 buildings in scattered locations around the Elm Hill Avenue area of Roxbury. The affordable shared apartment was originally built in the early 1900s and was last completely renovated in the 1980s. The buildings are on the Massachusetts Historical Commission’s Historic Places inventory.
All 217 units are subsidized through Section 8 project-based federal vouchers that are extended 25 years to 2045. There are 105 one bedroom apartments, 73 two bedroom apartments, 18 three bedroom apartments, 16 four bedroom apartments and 5 five bedroom apartments – bedroom apartments.
Improvements planned for the property include repairs to concrete and masonry, repairs to roofs, upgrades to the fire protection system, replacement of exterior doors and windows, upgrades to apartments, kitchens and bathrooms, upgrades to accessibility, and upgrades to HVAC, plumbing and electrical systems the building.
The general contractor is Haynes construction. The architect is Davis Square Architects and the management agent is United Housing Management.
Bulk housing has financed 30 rental communities in Roxbury for a total of 3,702 units with an original loan amount of $ 583.2 million. The agency has also granted mortgage loans to 8,537 Boston home buyers and homeowners with an initial purchase capital of $ 1.1 billion.