Boston Capital is investing in the rehabilitation of Court Street Veterans Housing, a 97-unit apartment community serving formerly homeless and at-risk veterans in Boston, Massachusetts. The general partner is The New England Center for Homeless Veterans (NECHV), based in Boston. Court Street Veterans Housing, located within the 17 Court Street NECHV building, will be rehabilitated in part with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
Comprising seven floors of the 11-story historic NECHV building located on Boston’s Government Center Plaza, Court Street Veterans Housing’s rehabilitation will include the creation of 37 new permanent supportive studio apartments and one additional single room occupancy unit (SRO) as well as moderate renovation of the existing 59 SROs. All resident veterans will have access to the extensive services available at NECHV including daily meals, case-managed support, counseling and employment assistance. Units will be available to veterans earning 60 percent or less of the Area Median Income (AMI) based upon availability and other criteria.
“We are thrilled to partner with Andrew McCawley and the New England Center for Homeless Veterans in building safe, sustainable affordable housing units for homeless and at-risk veterans in the Boston community,” said Jack Manning, president and CEO of Boston Capital. “New England Center for Homeless Veterans is a great example of the LIHTC program’s positive impact on communities, helping veterans get back on their feet through the creation and rehabilitation of permanent supportive and affordable housing.”
Court Street Veterans Housing is situated within one block of Boston’s subway system and within walking distance of retail services, restaurants and employment opportunities. Residents will benefit from the apartment community’s close proximity to the Veterans Administration Office and the City of Boston’s Veterans Services.
The rehabilitation of Court Street Veterans Housing will generate nearly $14 million in local salaries and create nearly 150 new jobs in the Boston area. Boston Capital’s investment in this development adds 97 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 affordable apartments in Massachusetts.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings include more than 1,990 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 140,000 apartment homes with a development cost in excess of $16.1 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.
