Community Builders Inc. is planning more than $20 million in renovations to its South End properties, including 32 additional apartment units it has acquired for $5 million.
The Hub-headquartered nonprofit housing developer, which has a 49-year history with affordable housing in the South End, will outfit a total of 146 apartments in 29 South End buildings with new safety systems, upgraded heating systems and improved handicap accessibility. The work is scheduled for completion in late 2014.
Included in the rehab program will be the apartments in eight separate, but contiguous buildings at 160-174 West Springfield St. that Community Builders purchased from Ebenezer Homes Associates.
"The acquisition ensures continued affordability and professional management of the Ebenezer-owned apartments as part of the (Community Builders) portfolio," spokeswoman Stephanie Anderson Garrett said.
Community Builders recently formed Historic South End Limited Partnership to combine into one entity the West Springfield Street units and the two other South End Section 8 developments slated for renovations.
It is financing the acquisition and rehab with tax-exempt bonds, 4 percent low-income housing tax credits from the state, federal and state historic tax credits, and a $22.9 million loan from the Massachusetts Housing Finance Agency, according to Garrett.
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