MassHousing Closes $16.8 Million in Funding for the Adaptive Reuse of Charlestown’s Zelma Lacey House

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BOSTON-  MassHousing has closed $16.8 million in affordable housing financing for the nonprofit Cooperative for affordable housing and services (AHSC) and Peabody Propertiesfor the redevelopment of a three-story Charlestown property into 48 affordable self-contained senior living units.

“This was a true community effort to convert an unused lot into new affordable housing for seniors to live independently in Charlestown near the heart of downtown Boston.” said MassHousingManaging Director Chrystal Kornegay. “MassHousing was delighted to work with AHSC and the other development partners who saw an opportunity to create this new housing resource that seniors can afford in one of the city’s most expensive rental neighborhoods.”

“AHSC is honored to once again work with Peabody Properties on the redevelopment of the former Zelma Lacey House into a newly branded estate called The Charlestown, which will include 48 affordable self-contained living units for the elderly with a coordinated service model for residents. We are very grateful for the support of MassHousing, DHCD and the City of Boston for this important project,” said AHSC Executive Director Michael J. Mattos.

MassHousing provides the development team with a $2.9 million construction and permanent loan and a $13.9 million bridge loan. Other funding sources include $14.6 million in low-income homeownership tax credits, $2.1 million from the Massachusetts Department of Housing and Community Development (DHCD), $2 million from the Affordable Housing Trust Fundthe MassHousing administers on behalf of DHCD and a $1 million sponsor loan.

Is located 9 West School St., in Charlestown, Zelma Lacey House will consist of nine studio apartments, 38 one bedroom apartments and one two bedroom apartment. Thirteen of the homes are subsidized with a federal contract for Section 8 housing benefit payments, with seven of those units restricted to households earning up to 30 percent of the area median income (AMI) and six units restricted to households earning up to 50 percent of the AMI earn . One additional unit is limited to a household earning up to 50 percent of the AMI, and 34 units are limited to households earning up to 60 percent of the AMI. The area median income for Boston is $112,400 for a two-person household.

The general contractor will be NO general contractorincthe architect is The architecture teamand the management agent will be Peabody Properties.

MassHousinghas funded six 556-unit Charlestown rental communities with an original funding of $58.2 million. The agency has financed 8,715 home mortgage loans in Boston for a total of $1.2 billion in financing. (IANS)

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