October 26, 2020
National affordable housing owner and investor LIHC Investment Group along with privately-held real estate firm Belveron Partners have reached agreements with the Boston Housing Authority and MassHousing to preserve 60 units of affordable rental housing at Mercantile Wharf, a historic property in Boston’s North End neighborhood.
The property is a 122 unit mixed-income community that was subsidized through the 13A mortgage program in the 1970s, which allowed property owners to secure low-interest loans in exchange for providing below-market rents to tenants. In 2018, the provisions governing the property expired, putting it at-risk of losing its affordability. Owners LIHC and Belveron Partners have agreed to a preservation plan that will protect all eligible existing households and ensure those homes are available for low-income tenants in the future.
Mercantile Wharf is the third housing development at an expiring 13A property to secure support from the Boston Housing Authority. More than 4,200 low and moderate-income apartments throughout Massachusetts were financed in the 1970s through the state’s Section 13A program.
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