On August 30, 2023 Allston Brighton CDC closed on over $23 million of public and private financing in order to undertake the most extensive renovation project at the Carol Avenue Apartments since the property was built over 110 year ago.
The Carol Avenue Apartments in Brighton was formerly known as the Carol Avenue Co-Operative and has been an important source of deeply affordable housing since the early 1990’s, providing 33 stable homes in an area where rents have continued to soar beyond the reach of many individuals and households that have traditionally called Brighton home.
The refinancing effort completed in August has been underway since 2018 and marks a significant victory in the effort to secure the many resources needed to take on nearly $12 million of extensive repairs to three buildings that create the Carol Avenue Apartments. Because of the extensive nature of the work being undertaken, residents will need to temporarily vacate their homes and be relocated by the Allston Brighton CDC to other locations. The relocation portion of the project is being staggered by buildings so that residents will only have to leave for between five and six months before they return to the refurbished apartments.
“The completion of the process of securing the incredible array of public and private resources needed to make this important project possible is a credit to the persistence and dedication of the Allston Brighton CDC’s Real Estate Development Team. We are grateful for the opportunity to restore and preserve this important affordable housing resource for generations to come” said Caitlin Robillard, Director of Real Estate Development for ABCDC.
Allston Brighton CDC would like to thank all of its financing partners who helped make the Carol Avenue Apartments Redevelopment possible:
- Community Economic Development Assistance Corporation (CEDAC)
- City of Boston’s Mayor’s Office of Housing
- Eastern Bank
- Massachusetts Department of Environmental Protection (MassDEP)
- Massachusetts Development Finance Agency
- Massachusetts Executive Office of Housing and Livable Communities
- Massachusetts Housing Partnership
- Liberty Mutual Foundation