Boston Metro Region
SETH II - Tenants' Development Corp.
South End 2005
Tenants Development Corporation, Inc. (TDC) has been operating for over thirty years developing affordable housing in Bostonís South End neighborhood. In 1974 TDC purchased and renovated the South End Tenantsí Housing II (SETH II). The development consists of 185 apartments in 36 brick and wood frame buildings. Most of the buildings have four or five units although one has 18. The unit sizes range from studios to five-bedrooms.
In 2002 TDC renovated the properties using MassHousing tax exempt bond financing with Low Income Housing Tax Credits. The construction is complete, but additional construction costs led TDC to request a second mortgage from PCI.
Maintaining these units as affordable housing helps insure the continued diversity of a neighborhood where market values have priced all but higher income households out of the area.
PCI Loan Amount: $2,000,000
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