Boston Capital announced it is investing in the rehabilitation of Court Street Veterans Housing, a 97-unit development serving formerly homeless and at-risk vets in Boston.
The firm, a national real estate investment firm and low-income housing tax credit (LIHTC) syndicator, is providing nearly $17 million in LIHTC equity to the project led by Boston-based New England Center for Homeless Veterans (NECHV).
Comprising seven floors of the 11-story historic NECHV building located on Boston's Government Center Plaza, Court Street Veterans Housing's rehabilitation will include the creation of 37 new permanent supportive studio apartments and one additional single-room occupancy unit (SRO) as well as moderate renovation of the existing 59 SROs. All resident veterans will have access to the extensive services available at NECHV, including daily meals, case-managed support, counseling, and employment assistance. Units will be available to veterans earning no more than 60% of the area median income.
"We are thrilled to partner with Andrew McCawley and the New England Center for Homeless Veterans in building safe, sustainable affordable housing units for homeless and at-risk veterans in the Boston community," said Jack Manning, president and CEO of Boston Capital, in a statement. "New England Center for Homeless Veterans is a great example of the LIHTC program's positive impact on communities, helping veterans get back on their feet through the creation and rehabilitation of permanent supportive and affordable housing."
Residents will benefit from the apartment community's close proximity to the Veterans Affairs office and the city of Boston's Veterans Services.
The rehabilitation of the development will generate nearly $14 million in local salaries and create nearly 150 new jobs in the area. Boston Capital's investment in this development adds 97 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 affordable apartments in Massachusetts.