FOXBORO, Mass. (WPRI) — A project bringing affordable housing to seniors in Foxborough just received a financial boost.

Finance agency MassDevelopment says it has issued a $22.2 million tax-exempt bond to help fund the first phase of the housing development project. The bond was purchased by Citizens Bank.

Phase one of the project will build 80 units of affordable senior housing at 51 Walnut St. Once the project is finished, there will be 200 units, according to MassDevelopment.

The one-bedroom units from phase one will be rented to households earning up to 60% of the area median income. Of those, 20 will be reserved for households earning up to 30% of the area median income.

The property, located at the former site of Foxborough State Hospital, was previously owned by the state.

“As we work to combat the housing crisis Massachusetts faces, the Healey-Driscoll Administration recognizes the opportunity that exists in transforming underutilized former state-owned property into housing,” Secretary of Housing and Livable Communities Ed Augustus said. “This site is on the way to becoming critical affordable housing for seniors in that region.”

Thanks for signing up!

Watch for us in your inbox.

Subscribe Now

Daily Roundup

For the latest news, weather, sports, and streaming video, head to WPRI.com.