125 substantially renovated affordable senior rental homes.
Back of the Hill Apartments is a 125-unit elderly property located in the Mission Hill neighborhood of Boston, MA. Comprised of an eleven story steel-frame/dryvit exterior constructed building, Back of the Hill Apartments was developed in 1980 to meet the housing needs of elderly and handicapped persons of low and middle incomes.
The Back of the Hill unit count includes 99 one-bedroom units, 20 two-bedroom units and 6 three-bedroom units, of which 100% are subsidized by a Section 8 Housing Assistance Payments contract regulated by the US Department of Housing and Urban Development. The total cost of rehab was $10.4 million, with a total development cost of $27 million.
The owners of the property recapitalized the asset by prepaying the existing HUD 202 loan with tax exempt bond financing with the use of 4% Low Income Housing Tax Credits. This restructuring maintained the 202/elderly/disabled tenant selection criteria.
Back of the Hill was substantially renovated in 2008. Physical Improvements include a new Exterior Insulation Finish System (EIFS) with metal panels, complete window replacement and common area upgrades, a complete upgrade of the elevators, emergency generator, trash compactor, and HVAC systems including new high efficiency boilers. The dwelling units received kitchen and bath upgrades including replacement of major unit systems: sinks, tubs, cabinets, floors, and disposals. The common areas were also upgraded and accessibility issues were addressed.
"The physical improvements at Back of the Hill are astounding. TCB exceeded all our expectations."
—Catherine Gallagher, President, Back of the Hill CDC