IBA Secures $53M in MassHousing Financing to Renovate Viviendas Apartments

10/11/17

IBA, Inquilinos Boricuas en Acción, today announced that it has secured a $53 million permanent loan from MassHousing to conduct renovations at Villa Victoria’s Viviendas Apartments, a 181-unit residential building offering exceptional affordable housing opportunities for low and moderate-income earners and families in Boston’s South End neighborhood.

Throughout the renovation, IBA will implement extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality, as well as enhance tenants’ residential experience. To reinforce weather resistance, the building’s asphalt roof will be replaced with 30-year architectural shingles and improvements will be made to pre-existing drainage structures. Such changes include the installation of an underground storm water infiltration system and the replacement of outdated gutters and downspouts. IBA will also upgrade the residence’s façade with fresh stucco and painting, establishing a modern, cohesive exterior.

“We are very pleased to partner with Inquilinos Boricuas en Acción to provide financing for the Viviendas Apartments, which will help renovate this important affordable housing community for low- and moderate-income residents in the South End,’’ said MassHousing Executive Director Tim Sullivan. “The South End is one of the most expensive rental housing communities in the Commonwealth and this transaction will help ensure that the Viviendas Apartments remain affordable to lower-income households and working families there.’’

Originally built by IBA in the 1960s, Viviendas Apartments is one of four properties that constitute Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services. Supported by IBA’s bicultural and bilingual staff, residents of Viviendas Apartments have access to case management, advocacy and counseling services, as well as opportunities to participate in social, recreational and artistic programming.

“This funding provides us with the financial momentum we need to cultivate a high-quality, sustainable atmosphere for our tenants,” said Vanessa Calderón-Rosado, CEO of IBA. “The residents of Viviendas Apartments add vivacity and richness to Villa Victoria and the surrounding South End community, and our ability to renovate Viviendas Apartments ultimately preserves their long-term influence in the neighborhood.”

Dedicated to establishing healthy, representative communities through accessible residential development, IBA grew from efforts to fight displacement amidst gentrification in the South End during the late 1960s. This commitment to cultivating culturally vibrant, socioeconomically diverse communities despite rising living expenses and property values continues to distinguish IBA from other residential developers. IBA’s mold of inclusive and sustainable communities ensures that every community member is engaged, empowered and supported.

About IBA (Inquilinos Boricuas en Acción)

IBA – Inquilinos Boricuas en Acción - is a leading community development corporation and dynamic community builder that empowers and engages individuals and families to improve their lives through high-quality affordable housing, education, and arts programs. For more than four decades, IBA has built an affordable, safe, healthy and supportive environment for diverse residents, while developing leaders. IBA has evolved into a driving force in the South End and across the city as a leading non-profit owner and developer of affordable housing.

About MassHousing

MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $20 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog, watch us on YouTube and Like us on Facebook.

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