$43 Million Project to Deliver Affordable Housing for Massachusetts Communities
New Affordable Senior Housing Coming to Foxboro
Located at 55 Walnut Street in Foxboro, Walnut Street Phase I is part of a broader effort to address the increasing demand for quality, affordable housing in Massachusetts. Developed by Peabody Properties, Inc and Affordable Housing and Services Collaborative (ASHC), in partnership with OnyxGroup Development and Wilton Company as co-developers and general partners, the $43 million development will consist of the new construction of 141 units in two, three-story, elevator-serviced buildings. The project is receiving two LIHTC allocations-one 9% and one 4%-but both buildings will be constructed simultaneously and operate together. Monarch Private Capital will be investing in the portion of the project receiving $10.5 million in 4% state credits.
The building associated with Monarch Private Capital's investment will include 80 units, of which 60 will be reserved for tenants earning 60% of the Area Median Income (AMI), while the remaining units will be reserved for tenants receiving Section 8 Project-Based Vouchers (PBVs). Tenants who qualify for Section 8 vouchers will contribute 30% of their income toward rent, ensuring affordability for low-income residents.
"We are excited to partner with Boston Financial on Walnut Street Phase I, a critical project that will significantly enhance affordable housing accessibility in Massachusetts,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. "This development reflects our commitment to fostering sustainable and inclusive communities by leveraging impactful tax credit investments.”
By addressing key housing challenges in the state, Walnut Street Phase I aims to deliver long-term benefits to the local economy while providing secure, high-quality living spaces for residents. This initiative reinforces Monarch Private Capital's dedication to supporting economic development and improving the quality of life for low-income individuals and families through strategic investment in affordable housing.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
CONTACT
Jane Rafeedie
Monarch Private Capital
470-283-8431
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4692c4b6-38fd-4970-9295-93e9d2353c4a
