Greenway Apartments

PROJECT OVERVIEW

Through its non-profit development arm, EBCDC, Inc., the East Boston Community Development Corporation is developing 27 units of affordable rental housing along the East Boston Greenway. Aptly named Greenway Apartments, the units are reserved for tenants earning 30% of 60% of the area media income. In addition to its proximity to the greenway, the apartment building provides tenants with easy access to the Maverick T station as well as several bus lines, creating workforce housing just a short distance from downtown Boston.

Funding sources included permanent loans from the Massachusetts Housing Finance Agency; an Affordable Housing Trust Fund loan from the Massachusetts Department of Housing and Community Development; HOME and Neighborhood Housing Trust loans from the City of Boston, a $5.46 million construction loan from Bank of America, and a $5.7 million LIHTC equity investment. Construction began in spring 2011 and is expected to be completed in March 2012.