Boston Capital, Caritas Communities and South Boston NDC team up to create 47 affordable homes for seniors in South Boston, Massachusetts

May 14, 2019 — Boston Capital is investing in the construction of O’Connor Way Senior Housing, a 47-unit affordable housing development for seniors ages 62 or older in South Boston, Massachusetts. The general partners are Caritas Communities, Inc. and South Boston Neighborhood Development Corporation (NDC), based respectively in Braintree and Boston, MA.

“We are extremely excited to partner with Mark Winkeller and Donna Brown in this investment which will create 47 affordable homes for a fast growing population of seniors needing housing in Boston,” said Jack Manning, president and CEO of Boston Capital. “Residents will benefit from the development’s location near the growing Seaport district and its close proximity to public transportation and downtown Boston.”

O’Connor Way Senior Housing will feature a five-story building offering 47 one-bedroom/one-bath units. Twenty-two units will be available to seniors earning 30 percent or less of the Area Median Income (AMI) and 24 units will be available to seniors at 60 percent or less of AMI. One unit will be occupied by a resident manager/maintenance person. Three units will be fully handicapped accessible for people with physical disabilities and one unit will be accessible for people with sensory impairments.

Development amenities will include two elevators, a 670 square foot community room with a kitchen and bathroom, a management/services office and a common laundry room. Unit amenities include Energy Star appliances including microwaves and dishwashers. The apartment community will be LEED Silver certifiable.

Residents will benefit from supportive services provided by South Boston Neighborhood House. Additionally, a full-time, on-site services coordinator will help seniors identify and participate in existing programs such as in-home health care provided by outside agencies and Meals-on-Wheels. The coordinator will also orchestrate a variety of on- and off-site activities for residents.

O’Connor Way Senior Housing will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital’s investment in this development adds 47 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 affordable apartments in Massachusetts.

About Caritas Communities:

For more than 34 years, Caritas Communities has focused its efforts on preventing homelessness and stabilizing neighborhoods by providing affordable housing for people in the lowest income brackets. Caritas owns and manages 30 properties that provide affordable housing to more than 1,000 individuals annually.

About South Boston Neighborhood Development Corporation:

South Boston NDC is a state-certified community development corporation that seeks to improve the quality of life in the neighborhood by preserving and creating affordable housing and by addressing issues that affect resident health and the livability of South Boston.

About Boston Capital:

Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings presently include 1,300 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting nearly 108,000 apartment homes. Boston Capital is one of the largest owners/investors of apartment properties in the United States.

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Allison E. Marino
Public Affairs/Media