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Board approves $1.25 million HOME‑ARP loan for Clare Court 2 supportive housing project
Summary
The Board approved a $1.25 million HOME‑ARP loan and assumption of an $850,000 existing HOME loan for Clare Court 2, a planned expansion to create permanent supportive housing and family units; DHCD described layered funding including ARPA‑sourced accelerator funds.
On Feb. 19 the Board of Estimates approved a HOME‑ARP loan of $1,250,000 to Clare Court 2 Limited Partnership to finance part of the hard construction costs for a residential expansion at 3725 Ellesley. The Department of Housing and Community Development presented the request and said the project will add 53 new units to an existing 30‑unit development for a total of 83 units.
Alice Kennedy, Housing Commissioner, told the board the total development cost is estimated at more than $29 million and that…
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