TD Bank announced it has closed on a $10.2 million construction loan to fund the construction of The Clarion, a 39-unit, mixed‐income, mixed-use housing development in the Grove Hall section of Roxbury in Boston. TD Bank’s Community Capital Group also invested more than $9.2 million in low-income housing tax credit equity.
The project by The Community Builders (TCB) will feature 27 units dedicated to low- or moderate-income working families earning between 30% and 60% of Boston's area median income (AMI). The remaining 12 units will be workforce housing units reserved for middle-income families earning between 100% and 120% of the AMI. All of the units will provide discounted rents to ensure affordability for families living in this high-cost market.
The Clarion will sit along Blue Hill Avenue, an active commercial corridor with a mix of uses, including restaurants, retail, and schools. Redevelopment of the vacant lot will help reconnect the commercial corridor, encourage pedestrian use, and promote economic development in the area.
“TD Bank is proud to work with The Community Builders on this very important redevelopment, which will provide affordable housing for those who need it most,” said Thomas McColgan, vice president, in a statement. “This project further enhances the bank’s commitment to support low- and moderate-income families by building and sustaining strong communities where people of all incomes can achieve their full potential.”
TCB is a nonprofit developer that owns or manages more than 11,000 apartments for families of all incomes across the Northeast, Mid-Atlantic and Midwest regions. Since 2012, TD Bank has provided more than $60 million in debt and equity financing to support TCB’s projects and mission.
