assets.rbl.ms

TD Bank Finances Affordable Housing Development to Rejuvenate Grove Hall Section of Roxbury in Boston

Originally Published by TD Bank.

TD Bank, America’s Most Convenient Bank, announced it closed a $10.2 million loan used by The Community Builders, Inc. (TCB) to fund the construction of The Clarion, a thirty-nine unit, mixed-income, mixed-use rental housing development in the Grove Hall section of Roxbury in Boston, MA. TD Bank’s Community Capital Group also invested more than $9.2 million of equity into the project, as well.


The project will serve households with a wide range of incomes: twenty-seven of the project’s units will be dedicated to affordable for low or moderate income working families earning between 30 percent and 60 percent of Boston’s area median income. In addition five units will be workforce housing and seven for unrestricted market units for middle-income families earning between 100 percent and 120 percent of the median income. All of the units will provide discounted rents to ensure affordability for families living in this high cost market.

The Clarion will sit along Blue Hill Avenue, an active commercial corridor with a mix of uses including restaurants, retail, nonprofits and schools. Redevelopment of the vacant lot will help reconnect the commercial corridor, encourage pedestrian use and promote economic development in the area.

“TD Bank is proud to work with The Community Builders on this very important redevelopment which will provide affordable housing for those who need it most,” said Thomas McColgan, Vice President at TD Bank. “This project further enhances the bank’s commitment to support low and moderate-income families by building and sustaining strong communities where people of all incomes can achieve their full potential.”

The Community Builders is a non-profit real estate developer that owns or manages more than 11,000 apartments for families of all incomes across the Northeast, Mid-Atlantic and Midwest regions. Since 2012, TD Bank has provided more than $60 million in debt and equity financing to support their projects and mission.

“Organizations like TD Bank are the reason The Community Builders is able to do the work we do,” said Tom Buonopane, TCB vice president of finance and asset management. “It’s about more than just creating a home; for us it’s about contributing to stronger communities where people live, work and raise families.”

Construction began in 2018 and is expected to be completed by 2019.

This project also reinforces TD Bank’s recent launch of The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas financial security, vibrant planet, connected communities and better health.

Latest News

woke politics

Republicans Launch a War on ‘Woke’ Politics in Hopes of Big Legislative Wins in 2022

In 2020, former President Barack Obama warned that the phrase “Defund the Police” could become a dangerous rallying cry for the conservative right. But now, Republicans have apparently taken that warning one step further, declaring war on all things “woke.” Allan Smith and Sahil Kapur of NBC News wrote that…

women in politics

Women Remain Vastly Underrepresented in Local Government, Despite Conventional Wisdom Suggesting Otherwise

Vice President Kamala Harris and Speaker of the House Nancy Pelosi sat behind President Biden during his first speech to a joint session of Congress on April 28 — representing the first time two women held such important and high-ranking political offices. Even after such a historic moment, the reality…

voter restriction

Florida Follows Georgia’s Lead, Approves Racist Anti-Voter Restrictions Aimed Primarily at Democrats and People of Color

Not content with letting Georgia be the only state in the South demonized for its bigoted and racist attacks on voter rights, Florida has jumped into the fray in issuing its own series of new and highly controversial “Jim Crow-esque” anti-voting restrictions aimed specifically at disenfranchising Democrats and voters of…

Kentucky Derby

Inspired by Protests Over Breonna Taylor’s Death, Humana and Kentucky Derby Festival Launch Diversity and Inclusion Initiative in Louisville

Ahead of the 147th Kentucky Derby on Saturday, May 1, Kentucky Derby officials and Humana (No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2020) have announced a new equity initiative meant to make the race more accessible and welcoming to everyone, regardless of race, gender, age…

crimes against human ity

‘Crime Against Humanity’; Global Report Says the US Should Be Prosecuted in International Criminal Court for Ongoing Police Murders of Black Americans

In what has been described as a “devastating” report, human rights experts and lawyers have investigated and released a 188-page analysis of the ongoing police brutality and killing of Black Americans in the U.S. Their verdict: the country is guilty of “crimes against humanity” and should be prosecuted for its…

Tokyo, Olympics

Tokyo Olympics to Encourage Significant Increase in Gender Equality Among Event’s Corporate Sponsors

Besides simply being a showcase for some of the most talented and athletic men and women on the planet, the organizers of the Tokyo Olympics are hoping their event this summer can also help promote significant change in corporate culture, both in Japan and around the globe. Bloomberg’s Ayai Tomisawa…