Boston Capital is investing $10.3 million in low-income housing tax credit (LIHTC) equity for the rehabilitation of 192 units of seniors housing in Melbourne, Fla.
Boston-based nonprofit Preservation of Affordable Housing (POAH) will rehab the Trinity Towers West Apartments, which features 64 studio and 128 one-bedroom units in a 17-story building. Amenities will include a community room with a kitchen, a library, a computer lab, shuffleboard, and laundry facilities on each floor.
“Boston Capital is pleased to partner with our friend Aaron Gornstein and the folks at POAH in the rehabilitation of Trinity Towers West Apartments, serving Melbourne’s seniors in need of affordable homes,” said Jack Manning, president and CEO of Boston Capital, in a statement. “Residents will benefit from the apartment community’s location within walking distance of downtown Melbourne, close to public transportation, retail services, and dining establishments.”
Boston Capital estimates that the rehab will generate nearly $8.3 million in local salaries and create nearly 90 jobs in the Melbourne area. To date, the syndicator has investment in more than 7,900 affordable apartments in Florida.