TD Bank is offering a construction loan to help create mixed-income, LGBTQ-friendly senior housing for residents of Hyde Park and Boston
TD Bank, America’s Most Convenient Bank®today announced that it has provided $22 million in construction funding to redevelop William Barton Rogers Middle School (WBR) in Boston’s Hyde Park neighborhood into 74 units of safe and accessible mixed-income housing for all seniors , but especially older LGBTQ people.
The WBR School is an important historical and social landmark in Hyde Park, serving and educating the Hyde Park community for over a century. The building will be preserved and adapted for this new mixed-income and LGBTQ housing project which will include the protection of the historic exterior facade as well as significant interior architectural elements such as the auditorium frieze and stage, mosaic tiles, the gymnasium and more. The Pryde will offer residents a mix of studio, one-bedroom and two-bedroom units.
Large spaces within the building will be set aside for general community use. The design includes the preservation of the auditorium, gymnasium, movie theater, main entrance, and 10,000 square feet of space for use by the public and residents. Community organizations can use the space for meals, events, activities and can organize meetings, classes and workshops.
The Pryde Project is a partnership between Pennrose and LGBTQ Senior Housing, Inc., a local nonprofit that will work with the community to identify LGBTQ residents for The Pryde. Pennrose, headquartered in Philadelphia, is a longtime TD customer and one of the nation’s largest affordable housing developers with more than 27,000 units in 14 states and the District of Columbia. Penrose will transform WBR into a vibrant, welcoming and inclusive space that will not only welcome the older people of Hyde Park, but will also celebrate the history of the old school and the history of Hyde Park.
“TD is thrilled to be a part of this project,” said Benjamin Kruger, Commercial Team Leader. “It is fitting that the groundbreaking took place in June, which is LGBTQ Pride Month. We view this project as yet another demonstration of our commitment to diversity and inclusion, not just during the month of June, but throughout the year.
This the project is aligned with TD Bank‘TD’s social purpose, the TD Ready Commitment, a platform designed to open doors to a more inclusive future through community giving in four areas: financial security, a vibrant planet, connected communities and better health.
In addition to the construction loan, TD Community Capital purchases federal and state tax credits for low-income housing, as well as federal and state tax credits for the project.
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