A 47-unit affordable housing development for seniors is being developed in south Boston by Caritas Communities and South Boston Neighborhood Development Corp.
Boston Capital announced that it is helping finance the development with an $8.2 million low-income housing tax credit (LIHTC) investment.
"We are extremely excited to partner with Mark Winkeller and Donna Brown in this investment that will create 47 affordable homes for a fast-growing population of seniors needing housing in Boston," said Jack Manning, president and CEO of Boston Capital. "Residents will benefit from the development's location near the growing Seaport district and its close proximity to public transportation and downtown Boston."
O'Connor Way Senior Housing will feature a five-story building offering one-bedroom/one-bath units. Twenty-two units will be available to seniors earning no more than 30% of the area median income (AMI), and 24 units will be available to seniors at 60% or less of the AMI. One unit will be occupied by a resident manager/maintenance person. Three units will be fully accessible for people with physical disabilities, and one unit will be accessible for people with sensory impairments.
Development amenities will include two elevators, a 670-square-foot community room with a kitchen and bathroom, a management/services office, and a common laundry room. Unit amenities feature Energy Star appliances, including microwaves and dishwashers. The apartment community will be LEED Silver certifiable.
Residents will benefit from supportive services provided by South Boston Neighborhood House. Additionally, a full-time, on-site service coordinator will help seniors identify and participate in existing programs such as in-home health care provided by outside agencies and Meals on Wheels. The coordinator will also orchestrate a variety of on- and off-site activities for residents.
To date, Boston Capital has invested in nearly 4,000 affordable apartments in Massachusetts. Overall, the firm’s holdings include more than 1,400 multifamily apartment properties with 115,500 apartment homes in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam.