225 Centre Street Project Wins 2012 Community Development Award
Cited As Real Estate Qualified Low-Income Community Investment of the Year
November 14, 2012
The Novogradac Community Development Foundation (NCDF) named the 225 Centre Street development in Boston as the winner of its 2012 Real Estate Qualified Low-Income Community Investment of the Year (QLICI). The AFL-CIO Housing Investment Trust (HIT) and its subsidiary, Building America CDE, are both investing in the $53.2 million project, which is the first phase of the $250 million redevelopment of the Jackson Square district of Boston’s Jamaica Plain and Roxbury communities.
The HIT is providing $9.9 million to help finance the project’s 103-unit, mixed-income residential component, while almost 17,000 square feet of first floor commercial space and parking will be financed with help from $5.5 million of New Markets Tax Credits provided by Building America.
“We are very pleased that 225 Centre Street is being recognized for its vision, innovative design and financing, and the very positive impact it will have on this underserved Boston community in terms of new housing, jobs, and economic development,” said HIT Senior Vice President Tom O’Malley, who is Director of the HIT’s New England Regional Office and a member of the Building America Advisory Board.
The award was presented at the recent New Markets Tax Credit Conference held by Novogradac & Company LLP.
“The NCDF’s award winners and honorable mentions serve as truly inspiring examples of the innovative and effective ways in which the New Markets Tax Credit program has helped to serve the economic needs of distressed communities throughout the country,” said Michael J. Novogradac, managing partner of Novogradac & Company LLP. “By building upon the success of extraordinary projects such as these, the industry can surely continue to grow in vitality, ambition, and impact, providing our nation’s neediest communities with the infrastructure needed to thrive.”
The Novogradac Community Development Foundation is a not-for-profit entity that addresses the issues of community and economic development, housing, and the preservation of America’s neighborhoods.