Charlesview Apartments
Boston, MA
“This is a major project that will keep hundreds of union members working as it meets the need for affordable housing for local residents.”
—Martin J. Walsh,
then Secretary-Treasurer & General Business Agent, Metropolitan District Building and Construction Trades Council, Boston
PROJECT DESCRIPTION
The Charlesview Apartments project created a new 240-unit affordable rental housing complex in Boston’s Brighton neighborhood. It became home to former residents of a 213-unit apartment development of the same name, which was previously located nearby and was redeveloped. The $152 million project replaced the original 213 units of affordable housing while adding another 27 units. The design features townhouse and midrise apartment buildings, as well as parking and over 23,000 square feet of retail and community space.
HIT ROLE
The AFL-CIO Housing Investment Trust (HIT) provided $58.2 million in financing for the $152 million project in April 2011. This included a $34.7 million tax-exempt construction loan note and a $23.5 million taxable construction loan note issued by MassHousing. The HIT has been a long-time partner with project developer, The Community Builders, Inc., in creating affordable housing in the Boston area and other parts of the country, particularly through the rehabilitation of distressed public housing projects.
SOCIAL IMPACT
By rebuilding the aging Charlesview Apartments on a nearby site, this project enabled the Charlesview’s low-income residents to remain in their neighborhood in new homes they could afford. The new Charlesview provided much-needed mixed-income housing and new public spaces for the Brighton community. Of the Charlesview’s 240 units, 221 were set aside for households that meet Section 8 or Low Income Housing Tax Credit eligibility. The remaining 19 were reserved for current Charlesview residents without income restrictions.
Designed to be environmentally friendly and sustainable, the complex is LEED-certified. Its location, adjacent to three city bus routes and within walking distance of schools, shops, and other public resources, exemplifies transit oriented development.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.