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CONSTRUCTION BEGINS ON NEW AFFORDABLE CONDOMINIUMS IN EAST BOSTON
Mayor Menino, state officials and others break ground on $5 million Falcon-Border development that will allow people of modest means to become home owners
FOR IMMEDIATE RELEASE
Contact: Matt Henzy (NOAH) Gordon Walek (LISC)
(617) 418-8259 (312) 697-6183
matthenzy@noahcdc.org gwalek@lisc.org
EAST BOSTON, MA (June 22, 2006) – Mayor Thomas Menino and other elected officials today launched construction of a new $5 million condominium development in East Boston that will result in 14 new affordable homes for people of modest means.
The Falcon-Border Condominiums, developed by the nonprofit Neighborhood of Affordable Housing, Inc. (NOAH), will comprise three separate wood frame buildings on a long- vacant site on Border Street Boston Inner Harbor
“Because of the high cost of Boston
The Falcon-Border site is located near the confluence of the Mystic River , Chelsea Creek and the Inner Harbor East Boston homes and apartments, acquired the property in 2002.
“As is always the case with affordable developments such as this, participation of a number of public and private institutions was essential,” said Philip R. Giffee, NOAH’s executive director. “The city and state contributed big time, as did Citizens Bank. Mass. Housing Investment Corporation and Boston Community Capital helped us with the acquisition back in 2002, and with the carrying costs. The value of these public/private partnerships cannot be understated.”
Citizens Bank provided a construction loan of $2 million. Local Initiatives Support Corporation (LISC), the nation’s leading nonprofit community development support organization, made a $220,000 loan. The Commonwealth of Massachusetts , through a variety of programs, contributed $1.4 million in funding and the City of Boston America
"The state is working hard with the City of Boston East Boston and will provide increased affordable housing opportunities for new residents of the community.”
“The Commonwealth’s Affordable Housing Trust Fund was created to help finance important developments like Border-Falcon Condominiums,” said MassHousing Executive Director Thomas R. Gleason. “With this Trust Fund award, we are able to help NOAH transform a once vacant lot into 14 affordable condominiums for families in East Boston .”
The project will be built by Landmark Structures Corporation. Landmark is a full service General Contractor and Construction Management firm, providing construction services in both the residential and commercial markets for over a decade. Households with incomes up to 80% of the Boston
East Boston , whose population of 38,413 is increasingly Hispanic, has a median household income of $31,311. Sales prices for the two-bedroom Falcon-Border units are about 23 percent below the neighborhood average, with the three- and four-bedroom units roughly 45 percent lower.
“Citizens Bank is dedicated to making the dream of owning a home a reality for individuals and families in Massachusetts ,” said Robert E. Smyth, Chairman, President and CEO of Citizens Bank of Massachusetts
About LISC
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. Since 1980, LISC has raised more than $7.2 billion to build or rehabilitate more than 196,000 affordable homes and develop 27 million square feet of retail, community and educational space nationwide. LISC’s Boston
About NOAH
Neighborhood of Affordable Housing (NOAH) is an East Boston based community development corporation structured to collaborate with and support residents and communities in their pursuit of affordable housing strategies, environmental justice, community planning, leadership development, and economic development opportunities. Since its inception in 1987, NOAH has developed 186 units of housing in East Boston bringing a total capital investment of approximately $26 million into the community. NOAH has also developed 10 units of housing in other towns in eastern Massachusetts
CONSTRUCTION BEGINS ON NEW AFFORDABLE CONDOMINIUMS IN
Mayor Menino, state officials and others break ground on $5 million Falcon-Border development that will allow people of modest means to become home owners
FOR IMMEDIATE RELEASE
Contact: Matt Henzy (NOAH) Gordon Walek (LISC)
(617) 418-8259 (312) 697-6183
matthenzy@noahcdc.org gwalek@lisc.org
EAST BOSTON, MA (June 22, 2006) – Mayor Thomas Menino and other elected officials today launched construction of a new $5 million condominium development in East Boston that will result in 14 new affordable homes for people of modest means.
The Falcon-Border Condominiums, developed by the nonprofit Neighborhood of Affordable Housing, Inc. (NOAH), will comprise three separate wood frame buildings on a long- vacant site on
“Because of the high cost of
The Falcon-Border site is located near the confluence of the
“As is always the case with affordable developments such as this, participation of a number of public and private institutions was essential,” said Philip R. Giffee, NOAH’s executive director. “The city and state contributed big time, as did Citizens Bank. Mass. Housing Investment Corporation and Boston Community Capital helped us with the acquisition back in 2002, and with the carrying costs. The value of these public/private partnerships cannot be understated.”
Citizens Bank provided a construction loan of $2 million. Local Initiatives Support Corporation (LISC), the nation’s leading nonprofit community development support organization, made a $220,000 loan. The
"The state is working hard with the City of
“The Commonwealth’s Affordable Housing Trust Fund was created to help finance important developments like Border-Falcon Condominiums,” said MassHousing Executive Director Thomas R. Gleason. “With this Trust Fund award, we are able to help NOAH transform a once vacant lot into 14 affordable condominiums for families in
The project will be built by Landmark Structures Corporation. Landmark is a full service General Contractor and Construction Management firm, providing construction services in both the residential and commercial markets for over a decade. Households with incomes up to 80% of the
“Citizens Bank is dedicated to making the dream of owning a home a reality for individuals and families in
About LISC
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. Since 1980, LISC has raised more than $7.2 billion to build or rehabilitate more than 196,000 affordable homes and develop 27 million square feet of retail, community and educational space nationwide. LISC’s
About NOAH
Neighborhood of Affordable Housing (NOAH) is an
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