Citizens Grant $ 40.7 Million Building Loan for Affordable Housing Project in Boston

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Orient Heights (Photo / Trinity Financial)

PROVIDENCE, Rhode Island – Citizens announced today that its Community Development Group has provided a $ 40.7 million construction loan to Trinity Orient Heights Phase Three Limited Partnership sponsored by Trinity Financial Inc. The loan will finance the construction of 81 new housing and the renovation of 42 existing affordable housing units located in the Orient Heights Municipal Housing Complex in Boston.

All apartments are subject to long-term rental assistance contracts and are reserved for tenants with an average regional income (AMI) or below 60 percent.

“This loan demonstrates a strong citizen commitment to support affordable housing options for Boston residents,” he said. Jerry Sargent, Northeast Region Executive Director, Citizens

The Civil Society Development Group is committed to enhancing the economic vitality of our communities and the financial acumen of our fellow citizens. The group has committed more than $ 3 billion in loans and investments to support the development and rehabilitation of affordable housing and economic revitalization activities in our communities. These efforts have resulted in over 20,000 new or refurbished housing units and the development of over 460,000 square feet of commercial space in low- and middle-income communities served by citizens. As part of the Community Ambassadors Program on Financial Education for Citizens, more than 500 Community Ambassadors conducted financial education classes for more than 82,600 fellow citizens.

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