Company has provided nearly $24 million in funding through purchase of Low-Income Housing Tax Credits
WOBURN, Mass.–(BUSINESS WIRE)–Best known as a national provider of affordable life insurance, in recent years SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has supported the creation of sorely needed affordable rental housing for low- and moderate-income tenants in Massachusetts, through the purchase of Low-Income Housing Tax Credits (LIHTCs). SBLI was founded in Massachusetts in 1907 and is still headquartered in the state; since 2014 the company’s investments have provided a total of approximately $23.7 million in financing spread across six projects in the Commonwealth, with several more committed in the next two years.
“With the cost of housing rapidly escalating in Massachusetts, there is a critical need for housing that is affordable for those with limited income,” said Jim Morgan, CEO of SBLI, who also serves on the Investment Committee of The Life Initiative, which was established in 1998 to provide capital to projects that benefit low- and moderate-income communities and households. “We are pleased to provide financial support to help address this situation in a way that is consistent with our historical mission of serving the public with affordable life insurance products.”
Just in the fourth quarter of 2021, SBLI provided funding for two projects in the Dorchester neighborhood of Boston: Hearth at Four Corners, a 54-unit apartment building for individuals aged 62 and older who have either low- or middle-income housing needs; and Talbot Commons, 40 units of affordable rental housing in multiple garden low-rise apartment buildings. Projects to which SBLI has committed, and which will be funded in the next 1-2 years, include Walando Homes, 59 affordable units in two locations in Dorchester, and the 78-unit Bancroft Dixwell Apartments in Roxbury and Jamaica Plain, Massachusetts.
For nearly 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer dependable protection, at a fair price. For more information, visit www.sbli.com.
Regan Communications Group