$47,058,465 in Qualified Investments Made in 2023
Chinatown Community Land Trust (CCLT), Boston
$3,000,000 Acquisition line of credit renewal to support creation of at least 7 permanently affordable rental and ownership housing units and to facilitate historic row house preservation in Boston’s Chinatown community.
New Hope, Inc., Attleboro
$500,000 Revolving loan to bridge HUD grant funding during the construction of a new 14-room domestic violence shelter called House of Hope.
Norfolk Design and Construction, Boston
$3,000,000 revolving acquisition line of credit to facilitate preservation and the creation of 54 permanently affordable rental housing units.
Island Autism Group, Inc., West Tisbury
$1,500,000 Construction bridge loan for Island Autism Group, Inc. to construct the Hub House, farmstand and barn at Island Autism Group’s property.
CEDAC, Predevelopment Line of Credit Loan Renewal, Statewide
$3,000,000 Line of credit renewal and increase to Community Economic Development Assistance Corporation (CEDAC) to support the predevelopment of 306 units of affordable housing across Massachusetts for the benefit of low- and moderate-income households.
JPNDC/Causeway Development, Boston
$1,500,000 Predevelopment line of credit renewal and increase to Neighborhood Development Corporation of Jamaica Plain (JPNDC) to support their pipeline of projects, specifically pre-development of 211 units of affordable rental and homeownership housing.
Fenway Community Development Corporation, Boston
$3,154,580 Acquisition loan for Fenway Community Development Corporation to acquire a 6-unit, multifamily residential rental property to convert into 6 affordable homeownership units.
JPNDC/Causeway Development, Boston
$5,290,000 Construction loan to Causeway Development (formerly Traggorth Companies) and Neighborhood Development Corporation of Jamaica Plain (JPNDC) for the development of 45 deed-restricted, affordable, and workforce condominiums.
Somerville YMCA, Somerville
$3,037,500 Acquisition and predevelopment loan (50% participation of a $6,075,000 with PCI) to the Somerville YMCA to purchase a nine-unit rental property, as well as finance the predevelopment expenses for renovating and expanding the campus to provide childcare, youth programming, and adult programs, redevelop 43 units of existing SRO housing serving low and very low-income individuals, and create new affordable housing.
DM Renaissance Development/Kavanagh Project, Springfield
$1,850,000 Construction loan for Black owned development company DM Renaissance Development, LLC / Kavanagh Project in Springfield to convert the former Kavanaugh Furniture store into 35 units of affordable housing and 10,000 square feet of office and retail space.
Preservation of Affordable Housing, Inc. (POAH), Lynn
$5,000,000 Acquisition loan to acquire, renovate, and preserve the long-term affordability of an existing, occupied 44-unit, senior apartment building known as Olympia Square Apartments.
North Star Family Services, Journey Home, Leominster
$600,000 Construction / bridge financing for the construction of Journey Home, a permanent, supportive, housing project that will create 15 units of rental housing.
2Life Development, Inc., Greater Boston
$2,500,000 Predevelopment Line of Credit to facilitate completion of 2Life’s robust development pipeline, which includes the development of 277 units of affordable, senior, rental housing in 2Llife’s service area, including Lynn and Mattapan.
Northeast Biodiesel Company, LLC, Greenfield
$50,000 Working Capital Loan Increase to support initial working capital needs including inventory purchases, payroll and other operational expenses as the plant begins activity, as well as financing closing costs
The Community Builders, Dorchester, Boston
$4,076,385 loan to acquire a former hotel at 900 Morrissey Blvd to be developed into 99 units of permanent supportive housing for formerly homeless people. Pine Street Inn will provide services with a preference for applicants 62 years and older.
Benjamin Franklin Cummings Institute of Technology, Roxbury, Boston
Up to $7,000,000 participation in $25,000,000 subordinate bridge loan for construction of 68,000 square feet state of the art campus for the technical college.
Eagle Mill Redevelopment, LLC, Lee
$2,000,000 Predevelopment line of credit to support infrastructure and site work for 108 affordable rental housing units at Eagle Mill, a large historic paper mill complex.