From Affordable Housing Finance:
In a new move, MassHousing recently issued $108 million in affordable multifamily housing bonds with a “sustainability bond” designation.
The Sustainability Bonds will finance the preservation and rehabilitation of affordable rental housing communities in Boston and Cambridge.
“Institutional and retail investors are increasingly demanding that their investments drive social impact, and the Sustainability Bond label allows MassHousing to reach new investors who value social equity and environmental action,” says MassHousing executive director Chrystal Kornegay. “The proceeds of this bond transaction will allow MassHousing to finance the preservation and modernization of 415 affordable homes, delivering a better quality of life to residents, while lowering property owners’ operating costs and improving environmental performance.”
MassHousing expects to use the proceeds from the transaction to finance the preservation and substantial rehabilitation of two affordable rental communities: the Blue Mountain Apartments, a 217-unit, scattered-site rental community in Dorchester and Roxbury, and the Daniel F. Burns Apartments, a 198-unit Cambridge Housing Authority property for elderly and disabled residents.
Read Affordable Housing Finance's article "MassHousing Completes Agency’s First Sustainability Bond Transaction," featuring the Cambridge Housing Authority.