Boston Capital is investing nearly $4 million in the construction of Patriot Homes, a 24-unit apartment community for individuals and families, with a preference for veterans in Boston.
Patriot Homes will feature two buildings, including the rehabilitation and adaptive reuse of a two-story former police sub-station and a new three-story building. Development amenities will include a community room with a kitchen and a common laundry.
The project is being developed by Caritas Communities and South Boston Neighborhood Development Corp.
Boston Capital is providing equity through the low-income housing tax credit (LIHTC) program. The homes will be available to veterans, individuals and families earning no more than 60% of the area median income.
"Residents will benefit from the development's location near the growing Seaport district and its close proximity to downtown Boston,” said Jack Manning, president and CEO of Boston Capital, a LIHTC syndicator and real estate investment and advisory firm.
The construction of Patriot Homes will generate nearly $2.6 million in local salaries and create nearly 30 new jobs in the Boston area. To date, Boston Capital has invested in more than 3,800 affordable apartments in Massachusetts.