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Apartments for Rent
85 substantially renovated affordable senior rental homes- Property recapitalized in 2008
- TCB Roles: Developer, Management Agent
- Total Development Cost: $22 million
- 2000 US Department of HUD Top 1,000 Performing HUD Property
Casa Maria Apartments
85 substantially renovated affordable senior rental homes in Boston's North End neighborhood.
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Casa Maria Apartments is an 85-unit elderly property located in the North End neighborhood of Boston, MA. Comprised of a six-story steel-frame brick building, Casa Maria Apartments was developed in 1980 to meet the housing needs of elderly and handicapped persons of low and middle incomes.
Casa Maria features 3 efficiency units, 72 one-bedroom units, and 10 two--bedroom units. All of these units are subsidized by a Section 8 Housing Assistance Payments contract regulated by US Department of Housing and Urban Development.
In 2008, the property was refinanced and substantially renovated. The owner recapitalized the property by prepaying the existing HUD 202 loan with tax exempt bond financing with the use of 4% Low Income Housing Tax Credits. This restructuring will maintain the 202/elderly/disabled tenant selection criteria.
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