Financing Secured to Start Redevelopment of Boston’s Oldest Public Housing Complex MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 BOSTON – WinnCompanies and the Boston Housing Authority (BHA) announced  the closing on financing for the construction of a new $62 million apartment building and $8 million in major infrastructure work for the redevelopment of the Mary Ellen McCormack publichousing complex, kicking off the first phase of the long–awaited three thousand three hundred unit, large–scale mixed–income and mixed–use project.

 When completed in the fall of 2026, the first one hundred and twelve thousand square–foot building will provide ninety four modern apartments for low–income families currently living at the Mary Ellen McCormack community, offering thirty seven one bedroom units, forty four two–bedroom units, twelve three–bedroom units and one four–bedroom unit.

 “Winn has involved the residents and Tenant Task Force in every step of the development process. Input from residents has touched every aspect of Building A, from the playground equipment in Veterans Park to the layout of units and interior finishes. I am very proud of this partnership and cannot wait to see the smiles on the residents’ faces when they move into their new, affordable homes,” said Carol Sullivan, executive director of the Mary Ellen McCormack Task Force.

 In addition to the critically needed affordable housing, the Building A project will promote connections between Mary Ellen McCormack and the surrounding South Boston neighborhoods. It will also deliver important public benefits, including a new Veterans Park with an accessible tot lot and splash pad, two–way separated bike lane, reconfigured public streets and associated intersections with pedestrian enhancements, new street trees, planting areas and pedestrian zones.

 “For almost nine decades, Mary Ellen McCormack has been a cornerstone of Boston’s commitment to affordable housing,” said Boston Mayor Michelle Wu. “Today, we take a major step forward in ensuring that this historic community remains a vibrant, inclusive home for generations to come. This first phase of redevelopment will deliver modern, sustainable housing while strengthening connections to the surrounding neighborhood, enhancing public spaces, and building a more resilient future for South Boston.”

 Added WinnCompanies CEO Gilbert Winn: “This first building jumpstarts an ambitious and inspired undertaking many years in the making that will ultimately give rise to a new mixed–income and mixed–use neighborhood. This Community of Opportunity will serve as a national model in how it thoughtfully fosters economic social and environmental success over the long term for its nine thousand residents and surrounding Boston neighborhoods. We are excited to start work on transforming this thirty acre site, standing alongside our federal, state and city supporters, our nonprofit allies, and our partners at the Boston Housing Authority and the tenant–led Task Force.”

 Funding for the construction of Building A is being provided in the form of a construction loan from the Bank of America; federal Low Income Housing Tax Credit and Energy Tax Credit equity from Bank of America, a tax–exempt bridge loan and tax–exempt first mortgage loan from MassHousing; a subordinate loan from the Affordable Housing Trust Fund maintained by the Massachusetts Executive Office of Housing & Livable Communities; a subordinate loan from the BHA; and state Low Income Housing Tax Credit equity from Bank of America with a loan from BlueHub Capital.

FIRST TIME HOMEBUYERS

Buyer’s Agents Explained