Greenway Apartments

PROJECT OVERVIEW

Through its non-profit development arm, EBCDC, Inc., the East Boston Community Development Corporation developed 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 is complete and the leasing process is underway.

PROJECT SPONSOR

EBCDC, Inc.

AFFIRMATIVE INVESTMENTS' ROLE

Financial Consultant

DEVELOPMENT PROGRAM

New construction of 27 units of two- and three-unit affordable housing along the East Boston Greenway.

TOTAL DEVELOPMENT COST

 $10.7 million

OPENING DATE

March 2012