MassHousing financing, including Workforce Housing funds, is ensuring that affordability remains intact for residents of Burbank Gardens.
Burbank Gardens is a 52-unit affordable housing development in the heart of Boston’s Fenway neighborhood. The four-story development was in danger of converting to market rents due to maturing mortgages that were originally funded through the Commonwealth’s 1970’s-era Section 13A program. Communities financed under section 13A serve some of the lowest-income and most vulnerable populations in Massachusetts, including many elderly and disabled residents.
In January 2018 MassHousing and the Department of Housing and Community Development (DHCD) provided Fenway Community Development Corporation with $14.3 million in financing for Burbank Gardens.
Some of the financing total was used for renovations, such as improving accessibility and upgrading common areas. Life and safety improvements include fire safety and plumbing system upgrades as well as general updates and repairs to windows and doors.
The financing will also protect the affordability of units for as long as possible. Thirteen units that were unrestricted were converted to workforce housing apartments for families of four making up to $93,100 annually. The remaining 39 units are reserved for low-income residents earning between $31,000-$62,040 per year for a family of four.