A key affordable housing development in Brookline, Massachusetts, will be rehabilitated through a $36.4 million low-income housing tax credit transaction, the largest every closed by the Massachusetts Housing Investment Corp. (MHIC).
The Brookline Housing Authority (BHA) will renovate Sussman House Apartments, a nine-story development that’s home to seniors and disabled households. The 100 apartments will continue to house these residents after the renovations and will be 100% affordable. The development was financed with a comprehensive debt and equity package provided by Silicon Valley Bank, Eastern Bank, and MHIC’s latest multi-investor fund.
“We’re so grateful that our partners Silicon Valley Bank and Eastern Bank joined us in financing Sussman House Apartments, showing how aligned our organizations are in preserving affordable housing in communities offering substantial amenities and opportunity,” said Chrissy Vincenti, MHIC’s director of capital development. “This collaboration will upgrade an older building, offering high-quality, safe, and accessible housing to residents while maintaining its affordability.”
A nonprofit financier and housing credit syndicator, MHIC has invested more than $3.2 billion to transform communities over its 32-year history. It has financed 658 developments, creating or preserving 25,500 homes and 6.9 million square feet of commercial space.
“The BHA is thrilled to obtain the financing needed to comprehensively renovate Sussman House and ensure its viability as affordable housing for future generations,” said Michael Alperin, BHA executive director. “This investment will allow BHA to enhance the quality of life for elderly and disabled households by improving the building’s energy efficiency and equipping each unit with modern amenities and aging-in-place features. Working with our partners, we are able to improve lives by preserving and improving affordable housing.”