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1439-1443 and 1447-1451 Blue Hill Avenue, providing forty-eight units of affordable housing
35 Wales Street, providing twelve units of affordable housing
548-550 Warren Street and 2 Elm Hill Park, providing nine units of affordable housing |
Multi-Family Housing Rehabilitation - Affordable
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LOCATION |
Boston, Massachusetts |
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DATE BUILT |
ca. 1900 through 1950 |
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DEVELOPER |
Cruz Development |
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COMPLETION DATE |
To Be Determined |
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TOTAL REHABILITATION COST |
$60 million |
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FEDERAL HISTORIC TAX CREDITS |
Approximately $12 million |
PROJECT OVERVIEW
Portfolios of affordable housing projects in need of rehabilitation are prime candidates for historic rehabilitation tax credit equity infusion. Increasingly, historic credits are providing the critical piece of financing for owners rehabilitating existing affordable housing, and for new owners pursuing acquisition and rehabilitation.
MacRostie Historic Advisors LLC is the historic tax credit consultant for Cruz Development in the rehabilitation of twenty-four historic brick apartment buildings, built in the Boston neighborhoods of Roxbury, Dorchester, and Mattapan as they transitioned from suburban enclaves into urban areas. The buildings were constructed between 1900 and 1950 and are significant because they are illustrative of the patterns of community development in Boston during the first half of the twentieth century. Currently, the apartment buildings provide 354 units of affordable housing scattered throughout these south Boston neighborhoods. We are pursuing an unusual thematic National Register listing approach to make historic tax credits available to this scattered site project.
The project includes the rehabilitation and modernization of interior apartment units. MacRostie Historic Advisors is working closely with the project team to develop a scope of work compatible with the Secretary of the Interior's Standards for Rehabilitation, prepare and submit the required documentation for the federal historic tax credit program, and secure the necessary approvals from the State Historic Preservation agency (Massachusetts Historical Commission) and the National Park Service.