Boston Capital Invests in 47-Unit Affordable Project in Boston

BOSTON — Boston Capital has invested an undisclosed amount in the construction of O’Connor Way Senior Housing, a 47-unit affordable housing development for seniors in South Boston.

The general partners on the project are Caritas Communities Inc. and South Boston Neighborhood Development Corporation (NDC), both of which are also local to the community.

“Residents will benefit from the development’s location near the growing Seaport district and its close proximity to public transportation and downtown Boston,” says Jack Manning, president and CEO of Boston Capital.

O’Connor Way Senior Housing will feature a five-story building offering 47 one-bedroom/one-bath units. Twenty-two units will be available to seniors earning 30 percent or less of the area median income (AMI) and 24 units will be available to seniors at 60 percent or less of AMI. One unit will be occupied by a resident manager/maintenance person. Three units will be fully handicapped 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. The apartment community will be LEED Silver certifiable.

South Boston Neighborhood House will provide services. Additionally, a full-time, on-site services coordinator will help seniors identify and participate in existing programs such as in-home health care provided by outside agencies and Meals-on-Wheels.

O’Connor Way Senior Housing will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.