PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust is helping to finance the combined $162.8 million developments of Old Colony Phase Four and Phase Five near South Boston’s waterfront. The green, affordable housing projects will have a combined 208 residential rental units. The Phase Four and Phase Five developments will be comprised of two six-story buildings that will include elevators and units ranging from one- to four-bedrooms.

The development is part of the Old Colony Master Plan, which is the Boston Housing Authority (BHA) and the City’s strategic vision for the redevelopment of 845 public housing units. The long-term redevelopment project being carried out by the BHA will ensure that the Anne M. Lynch Homes at Old Colony is built to fit the design of the larger South Boston neighborhood.

HIT ROLE

Through the HIT’s long-term collaboration with MassHousing and the BHA, the HIT has financed all phases of the Old Colony redevelopment to-date. For Phase Four and Phase Five, the HIT committed to finance $27.4 million and $26.0 million, respectively. Part of the HIT’s Massachusetts Housing Initiative, this commitment brings HIT’s total investment to $240.4 million for 758 units of public housing redeveloped in eight phases at Old Colony thus far.

SOCIAL IMPACT

All units will be subject to income-restrictions, with 28 units affordable to households at or below 30% of Area Median Income (AMI) and the remaining 180 units affordable to households at 60% of AMI. All Old Colony Phase Four and Phase Five residents will have access to health and educational opportunities at the Tierney Learning Center which is located across the street.

Both buildings are designed to Passive House standards, which include ensuring an extremely high level of energy efficiency as a prerequisite for cost-effective operation and climate protection, and the Sponsor intends to seek Passive House certification upon completion. The project will also meet the City of Boston’s Climate Resiliency Standards. Moreover, Old Colony Phase Four and Phase Five will be located approximately a half mile from the Andrew Station on the MBTA Red Line, making it a Transit Oriented Development.