HIT Investments

Old Colony

Old Colony

 View in-depth Project Profile

The HIT is working with the Boston Housing Authority and MassHousing to provide financing for two phases of the long-term revitalization of Old Colony, one of Boston’s largest and most distressed public housing sites. The HIT committed $26.7 million for construction of 116 affordable housing units and a new 10,000-square-foot community center as part of the $56.8 million first phase of the project, completed in 2011. Seven aging buildings were razed and replaced with one mid-rise structure and four clusters of town homes.

With the success of the first phase, the HIT is helping finance the $61.4 million second phase, which consists of construction of a 129 affordable rental units in two low-rise multifamily buildings and four clusters of townhomes. All of the housing will be affordable to households with incomes no higher than 60% of the area median income (AMI) with at least 13 units set aside for households earning 30% or less of AMI.

The investment is part of the HIT’s Massachusetts Housing Initiative through which it is working closely with MassHousing to help increase affordable housing in the state.

The first two phases of the project represent over 600 union construction jobs. As part of the HIT’s Green Jobs Initiative, the work is being done in accordance with LEED criteria as well as EPA Energy Star and HUD Healthy Homes guidelines.

Location:

Boston, MA

HIT Investment:

$26.7 Million

Total Development Cost:

$56.8 Million (Phase I)

Units:

116

Affordable Units:

116

Union Jobs Created:

Approximately 285

Video:

MassHousing Video