MassHousing has closed on $4.4 million in financing to help construct Cheriton Heights Senior Housing in West Roxbury.
The project is a new 70-unit affordable housing community being developed by the American Arabic Benevolent Association (AABA) and The Community Builders of Boston under the federal Sec. 202 program.
The six-story development is being built adjacent to an existing 60-unit Cheriton Grove Apartments for seniors, which was developed by AABA in the 1980s.
The proximity of the two projects will create a campus where residents of both buildings will be able to share resources and an extensive network of services for seniors.
MassHousing closed on a $1.4 million construction and permanent loan, a $2 million bridge loan, and $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the state Department of Housing and Community Development (DHCD).
The Department of Housing and Urban Development is providing more than $6 million in financing, and the project is expected to benefit from more than $7 million in additional funds from federal low-income housing tax credits. Additional financing is coming from DHCD and the city of Boston.
