- $37.2 million permanent loan
- $20.3 million bridge loan
- $2.2 million Affordable Housing Trust Fund
- $500,000 Capital Magnet Fund
About the Development
MassHousing is providing Beacon Communities with $58 million in financing as well as $2.2 million from the Affordable Housing Trust Fund to transform the historic former YWCA building in Boston's Back Bay into a 210-unit affordable, supportive housing community.
The existing 13-story building was constructed in the late-1920s and has served as the YWCA's headquarters for nearly 100 years. The YWCA undertook a major rehabilitation of the property from 2003-2006 and created SRO and one-bedroom apartments, market rate apartments, and a budget hotel. The building is also home to the Lyric Stage Company, Snowden International School and several retail businesses and restaurants.
The MassHousing financing will preserve the mix of uses, while converting the 66-room hotel and 118 apartments into 169 studio apartments and 41 one-bedroom apartments. Of the 210 units, 111 will be designated permanent supportive housing for formerly homeless individuals, with the Pine Street Inn joining Beacon Communities to provide supportive services.