MassDevelopment Issues $39.9M Bond Financing for Affordable Project in Brookline, Massachusetts

by Jeff Shaw

BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood. 

The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also be used to build 32 parking spaces. 

Construction began January 2024 and is scheduled for completion in December 2025. Brookline Housing Authority created a for-profit affiliate, 32 Marion Apartments LLC, for the purposes of facilitating this tax-exempt financing. Eastern Bank and Rockland Trust purchased the bond, which helped 32 Marion Apartments LLC achieve a lower cost of capital.

In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $38 million in equity for the project. Additional sources of funding for the project include state tax credits, funding from the Town of Brookline, and loans.

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