Boston-based real estate developer Beacon Communities LLC has received more than $70.8 million in tax-exempt bonds from MassDevelopment to preserve 621 units of affordable housing in Massachusetts.

Beacon Communities purchased the Edmands House property through the state’s affordable housing preservation law and will keep 171 units affordable at the 190-unit, mixed-income apartment community. Of these, 132 units will remain affordable for 45 years. As part of the transaction, Beacon Communities renewed the rental assistance contract serving 112 units for an additional 20 years. Beacon obtained a commitment of rental assistance for an additional 59 units for a term of 15 years.

Beacon Communities also was involved in development of the 500-unit Colonial Estates in 1971. This transaction will preserve 450 units as affordable for 45 years.  Here as well, Beacon renewed the rental assistance contract for the property, serving 349 units.  This contract will remain in place for an additional 23 years. The property has 430 two-bedroom units and 70 three-bedroom townhouse units. Citi Community Capital purchased the bonds related to this project directly.

Renovations at Edmands House and Colonial Estates include improvements to kitchens, bathrooms, and common amenities; high-efficiency heating and hot water systems;  and security and accessibility improvements.