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n Boston's Jamaica Plain neighborhood, a new chapter unfolds as 127 Amory Street, LLC, an affiliate of The Community Builders, Inc., breaks ground on a six-story, 96-unit affordable multifamily housing development at 127 Amory St. This project is part of the larger Amory Street redevelopment, a collaborative effort between Boston Housing Authority, The Community Builders, Urban Edge, and Jamaica Plain Neighborhood Development Corporation.

    MassDevelopment issued a $45.2 million tax-exempt bond to facilitate this endeavor, leveraging Eastern Bank's purchase to secure a lower cost of capital. In addition, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities in securing federal low-income housing tax credits worth approximately $40 million in equity for the project.

    "This development is a testament to our administration's commitment to making Massachusetts more affordable and competitive," said Economic Development Secretary Yvonne Hao. "We're proud to support The Community Builders, Inc., and our state and private partners who are bringing 96 units of affordable housing online in Boston."

    The new facility will feature 12 three-bedroom units, 51 two-bedroom units, and 33 one-bedroom units, catering to households earning up to 80%, 60%, and 30% of area median income. Ten units will be reserved for formerly homeless individuals or families. The project also includes 3,800 square feet of communal space and a central green area, fostering interaction among residents.

    "This project is an incredible achievement, showcasing the dedication and perseverance of our partners," said Andy Waxman, Senior Vice President of Real Estate Development at The Community Builders. "As the third phase of the Amory Street redevelopment, 127 Amory will deliver 96 affordable apartments on previously underutilized space."

    The Community Builders' mission is to build strong communities where all people can thrive. With a portfolio of over 14,000 apartment homes across 15 states, the organization has advanced housing equity through award-winning affordable and mixed-income communities.

    MassDevelopment has supported The Community Builders in the past, including issuing a $53.5 million tax-exempt bond in 2022 for a mixed-use building in Boston's Jamaica Plain neighborhood featuring 202 housing units. As the state's development finance agency and land bank, MassDevelopment works with businesses, nonprofits, banks, and communities to stimulate economic growth across Massachusetts.

    This project is part of MassDevelopment's efforts to create or support 22,426 jobs and build or preserve 1,754 housing units in FY2024, generating investment of more than $3.5 billion in the Massachusetts economy.