Projects: Low-Income Tax Credits
French Block — Montpelier, Vermont
Nolan Sheehan Patten worked with Housing Vermont in connection with the acquisition and construction of 18 apartments on the second and third floors of an historic 3-story, masonry building built in 1875 located on Main Street in the center of downtown Montpelier, known as “The French Block.” While the first floor is occupied by commercial businesses, the residences on the upper two floors have been vacant for 75 years. The French Block is the longest commercial block in downtown Montpelier. The project utilizes the federal low-income housing tax credit, the federal historic rehabilitation credit, and Vermont Downtown Village credits. Of the 18 units renovated, 14 units will be preserved as affordable housing.
© Andy Duback
Sachem’s Path – Nantucket, Massachusetts
Nolan Sheehan Patten represented the Massachusetts Department of Housing and Community Development and the Massachusetts Affordable Housing Trust Fund on an affordable homeownership development known as Sachem’s Path on Nantucket, MA developed by Housing Assistance Corporation of Cape Cod. The project involved both an Affordable Housing Trust Fund loan and a Housing Stabilization Fund loan. The project is a 40-unit subdivision permitted under the Massachusetts Comprehensive Permit Law, M.G.L. c.40B, with units affordable to households earning 80%, 100% and 150% of area median income. The State funding sources are assisting the units available to households at 80% and 100% of median income.
Fund XXIV — Boston, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation in connection with its Fund XXIV Offering. The Fund will use the proceeds of the Offering to invest in low-income housing improvement projects throughout Massachusetts, supplying equity financing to assist in the creation of decent, safe and sanitary housing affordable to low-income households and in the redevelopment of economically disadvantaged neighborhoods.
Millers River Apartments – Cambridge, Massachusetts
Nolan Sheehan Patten represented Cambridge Housing Authority (CHA) in connection with the rehabilitation of Millers River Apartments, a 300-unit building for seniors located in East Cambridge. We assisted CHA in structuring the transaction as a leasehold condominium and assembling a financing package of over $177 million. The project included construction and permanent financing from MassHousing, funded with the proceeds of the issuance and sale of MassHousing Tax Exempt Bonds to Citibank, construction financing from Citibank, permanent financing from CHA and equity financing from Wells Fargo. Our representation also involved negotiating complex zoning issues with the City of Cambridge, enabling CHA to further its mission of maximizing access to affordable housing for those who need it. All 300 units of housing in this Project will be reserved for seniors with incomes at or below 60% of area median income.
Talbot Commons Phase I – Dorchester, MA
Nolan Sheehan Patten represented Codman Square Neighborhood Development Corporation in connection with the rehabilitation of a 40-unit, scattered site, affordable housing project in Dorchester. In the course of our representation, we assisted in resolving complex zoning and permitting issues and assembling a diverse package of financing which included equity financing from Enterprise Community Partners, Inc., and debt financing from MassDevelopment, East Boston Savings Bank, and several sources of funding from the City of Boston and Commonwealth of Massachusetts including the Housing Stabilization and Investment Trust Fund, Affordable Housing Trust Fund, Commercial Area Transit Node Housing Program, City and State HOME Investment Partnerships Program, City of Boston Community Preservation Act program, and City of Boston Neighborhood Housing Trust. This project also received Massachusetts State Low Income Housing Tax Credits and will benefit from 9 project based vouchers through the Massachusetts Rental Voucher Program. All 40 units of housing in this project will be restricted for families in need of affordable housing with 31 units reserved for those at or below 60% of area median income and 9 units reserved for those at or below 30% of area median income.
Burbank Gardens – Boston, Massachusetts
Nolan Sheehan Patten represented the investor, Massachusetts Housing Equity Fund XXIII in connection with the renovation of a 52 unit building in the Fenway Park area of Boston. Fenway CDC acquired $14.3M of MassHousing financing for the renovation and preservation of the affordable housing units. 28 of the 52 units were originally financed under the state’s Section 13A housing affordability program and the Burbank Gardens refinancing transaction resolves the expiring Section 13A rental subsidy. Located next to Symphony Community Park, Burbank Gardens has a community space and will provide much needed affordable housing in the area.
Sitkowski School Apartments – Webster, Massachusetts
Nolan Sheehan Patten represented the investor Massachusetts Housing Equity Fund (“MHEF”) in connection with the rehabilitation of an historic, decommissioned school. All historic elements will be maintained, or enhanced, with the addition of new parking areas, landscaping and streetscape improvements. The complex will have 66 units of affordable senior housing and a community/senior center. MHEF invested over $9 million in LIHTC and HTC equity.
Stony Brook Village – Boston, Massachusetts
Nolan Sheehan Patten represented the Purchaser, Lincoln Avenue Capital, in connection with the acquisition and preservation of an existing 98-unit low-income housing tax credit project in Boston. Lincoln Avenue Capital is a leading owner, developer, and investor in low-income housing complexes nationwide.
Gateway Residences on Washington – Lynn, Massachusetts
Nolan Sheehan Patten represented Washington Gateway Associates Limited Partnership and Hub Holdings LLC in the acquisition and construction financing of the first Workforce Housing Opportunity Fund project in the Commonwealth. The Workforce Housing Opportunity Fund is a program of Massachusetts Housing Finance Agency designed to fund the construction of housing for individuals and families earning between 70% to 120% of the area median income. Hub Holdings LLC working with the Neighborhood Assistance Development Corporation of Lynn designed and financed the development of Gateway Residences on Washington, a 71-unit residential development with approximately 2000 sq. feet of ground floor retail space in Lynn, Massachusetts across the street from the North Shore Community College. The project will contain 53 affordable residential units, 10 workforce housing units and 8 market rate units. The project has been financed with construction and permanent loans from Massachusetts Housing Finance Agency in the aggregate amount of $21,044,000, including $1,600,000 in financing from the Workforce Housing Opportunity Fund. A portion of the loan financing was provided through a bond acquisition by the AFL-CIO Housing Investment Trust. Subordinate financing was provided by the Department of Housing and Community Development in the amount of $3,596,000 under the HOME Program, the Housing Stabilization Fund Program, the Affordable Housing Trust Fund Program, and the Commercial Area Transit Node Housing Program, and by the City of Lynn in the amount of $943,618 from its local HOME funds. Additionally, Boston Capital Partners, Inc. is making an equity investment of $10,548,945 to further advance the development of Gateway Residences at Washington.
Winchester Place – Colchester, Vermont
Nolan Sheehan Patten represented the investor, Green Mountain Housing Equity Fund VII, in connection with the rehabilitation of a residential housing development consisting of multiple buildings called Winchester Place in Colchester, Vermont. Utilizing both the low-income housing tax credit and Vermont affordable housing tax credits, the project will renovate 148 units and preserve 74 units of affordable housing. Funding sources included approximately $11.3 million in tax-exempt bonds.
© Gary Hall
98 Essex Street – Haverhill, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Equity Fund in connection with the renovation of 62 units of housing at 98 Essex Street in Haverhill. The project will entail the adaptive reuse and historic renovation of the former Shoe and Leather Associates building. When complete, a majority of the 62 prospective units will be either one or two-bedroom apartments, with seven of the apartments reserved for low income households. The redevelopment will offer a versatile array of housing near public transit. Total cost of the project is estimated to be $25 million with $16.8 million in the form of state cash as well as state and federal tax credits.
Lyman School Apartments – East Boston, Massachusetts
Nolan Sheehan Patten represented the investor, Massachusetts Housing Equity Fund, in connection with the rehabilitation of the Lyman School in East Boston. The Theodore Lyman School building is listed in the National Register for Historic Places. Utilizing both the low-income housing tax credit and historic rehabilitation tax credit, the project will preserve 45 units of affordable housing apartments.
Chapman Arms – Cambridge, Massachusetts
Our attorneys represented Homeowner’s Rehab, Inc., a Cambridge-based non-profit housing developer, in the acquisition and financing of Chapman Arms, a 50-unit building with 10,000 square feet of commercial space located in Harvard Square ground-leased from Harvard University. Homeowner’s Rehab, Inc. was designated as developer by DHCD under M.G.L. c. 40T in order to preserve the affordability of 25 of the units for the long term. This was DHCD’s first developer designation under Chapter 40T. Acquisition of the project was financed by Community Economic Development Assistance Corporation and rehabilitation of the project was financed with a loan from Bank of New York Mellon, the purchaser of Tax Exempt Bonds issued by MassDevelopment, loans from the Massachusetts Department of Housing and Community Development, the City of Cambridge, Cambridge Neighborhood Apartment Services, Inc., and the Massachusetts Affordable Housing Trust Fund. Financial assistance also included an equity investment by Massachusetts Housing Equity Fund and the sale of Massachusetts State Historic Tax Credits.
132 Chestnut Hill Avenue – Brighton, Massachusetts
Nolan Sheehan Patten represented the equity investor Wells Fargo in connection with a $20 million financing of 61 new construction senior housing units in Brighton by Jewish Community Housing for the Elderly. The new 54,000 square foot building will include on-site support and amenities for JCHE’s residents, retail and commercial space, and 21 on-site parking spaces. Seven units will be reserved for formerly homeless seniors and five units will be reserved for seniors with lifelong disabilities. An enclosed pedestrian bridge will connect the new development to JCHE’s existing 700-unit campus, creating a rich and inclusive living environment for the residents. The Harry and Jeanette Weinberg House will open in the fall of 2018.
Paris Village – East Boston, Massachusetts
Nolan Sheehan Patten represented the developer EBCDC Inc. in connection with the development of 32 units of affordable housing in East Boston. Financing sources included loans from Citizens Bank, the City of Boston, DHCD, AHT and MHP, together with tax credit financing from Boston Financial. The project will revitalize the neighborhood by developing a currently vacant parcel of land.
Virginia Blanchard School – Uxbridge, Massachusetts
Nolan Sheehan Patten represented the nonprofit developer Virginia Blanchard Memorial Housing Association, Inc. and JNJUHL and Associates LLC in the renovation of a former school as a much-needed 25-unit affordable housing development. Located in Uxbridge, MA, the Virginia A. Blanchard School was built in 1873, and is listed on the National Register of Historic Places. The project was funded by a combination of federal low-income housing and historic tax credits, state low-income housing and historic tax credits, federal and state lending sources, and private lending sources. Upon completion, 100% of the units at the Blanchard School will be reserved for residents with incomes of 60% or less than the area median, with a priority for veterans and local residents.
Abby’s House — Worcester, Massachusetts
Nolan Sheehan Patten represented the investor, Massachusetts Housing Equity Fund XXIII in connection with the renovation of a 55 unit building in Worcester, Massachusetts. The project included more than $10M in public funding from state, federal and local agencies. Abby’s House provides single room residences for women who are homeless, battered or low-income. The building, located at 52 High Street, is home to more than 50 women and also includes a thrift shop, program space and The Abby’s House’s Women’s Center.
86 Dummer Street, Brookline - Massachusetts
Nolan Sheehan Patten represented the Brookline Housing Authority in connection with the 86 Dummer Street project, in Brookline, Massachusetts. Conveniently located close to Commonwealth Avenue, Boston University and the MBTA Green line, the 32-unit affordable rental housing building was the largest new construction of its kind in Brookline in almost four decades. The 38,500 SF, energy-efficient, wood-frame building includes a landscaped green space, play structures and basketball court, energy-efficient windows, gas-fired heat and hot water and Energy Star appliances. The one, two and three-bedroom units are available to low-income families, senior citizens and people with disabilities. Nolan Sheehan Patten advised the Brookline Housing Authority in assembling a financing package of over $16 million, which consisted of construction/permanent financing from Bank of America, N.A. and Massachusetts Housing Partnership Fund Board, public financing from the City of Brookline, DHCD, AHT, CEDAC and FHLB, and an equity investment from Richman Capital.
Concord Highlands - Cambridge, Massachusetts
Nolan Sheehan Patten represented Homeowner’s Rehab., Inc., in the acquisition and financing of Concord Highlands, a new, 98-unit affordable housing project in Cambridge. We assisted HRI in acquiring the property, utilizing a ground lease structure and assembling a financing package which included construction financing from TD Bank, N.A.; permanent financing from MassHousing, the Massachusetts Housing Stabilization Fund, the Massachusetts Affordable Housing Trust Fund, the City of Cambridge and the Cambridge Affordable Housing Trust; and equity financing from the Massachusetts Housing Investment Corporation and the sale of Massachusetts State Low Income Housing Tax Credits. Our representation also involved assisting in matters arising from permitting the project under the 40B Comprehensive Permit program. 100% of the units in this Project will be reserved for families in need of affordable housing.
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