Citizens Provides $40.7 Million Construction Loan for Boston Affordable Housing ProjectSeptember 09, 2021
PROVIDENCE — Citizens Community Development Group has provided a $40.7 million construction loan to Trinity Orient Heights Phase Three Limited Partnership, whose sponsor is Trinity Financial Inc. The loan provides financing for the construction of 81 new units and the modernization of 42 existing units of affordable housing located in the Orient Heights State Public Housing development in Boston.
All of the units are subject to long-term rental assistance contracts and reserved for tenants at or below 60 percent Area Median Income (AMI). “This loan demonstrates Citizens’ strong commitment to supporting affordable housing options for Boston residents,” said Jerry Sargent, Northeast Region Executive, Citizens.
Citizens’ Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $3 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. These efforts have resulted in more than 20,000 new or rehabilitated housing units and the development of more than 460,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens’ Financial Education Community Ambassador program, more than 500 Community Ambassadors have delivered Financial Education sessions to more than 82,600 fellow citizens.