A $22.2 million tax-exempt bond has been issued by MassDevelopment for the construction of 80 units of affordable senior housing at 51 Walnut St. in Foxborough. The project is a joint venture between Affordable Housing and Services Collaborative, Inc., Peabody Properties, Inc., and The Onyx Group, with ownership of the site being transferred from the Commonwealth of Massachusetts to the Foxborough Housing Authority in 2017.
This development marks phase one in a larger plan to build a total of 200 affordable senior housing units on this site. Citizens Bank purchased the tax-exempt bond while federal low-income housing tax credits will contribute approximately $15.1 million towards equity.
According to acting president and CEO Dan O’Connell, this achievement is not only beneficial for Foxborough but also showcases how MassDevelopment can support economic development projects throughout all stages.
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