MassDevelopment to Hold Hearing on Cushing North Bonds

MassDevelopment will conduct a public hearing on a significant financing package tied to the St. Mary’s Center for Women and Children campus in Dorchester. On September 3, 2026, MassDevelopment will meet at 9:00 a.m. at its Boston offices, located at 99 High Street, 11th Floor, Boston, MA 02110, to consider the proposed issuance of draw-down bonds in a maximum aggregate principal amount of $15,370,000. The hearing is part of MassDevelopment’s process under Massachusetts General Laws Chapters 23G and 40D to assess the bonds’ suitability for a project involving 90 Cushing North Four Limited Partnership and the redevelopment of a portion of St. Mary’s Center’s 3.4-acre campus at 90 Cushing Avenue, Boston. This information comes from MassDevelopment’s public hearing notice published in late August 2026, which outlines the key financing parameters and project scope. (search.boston.gov)

The project context is substantial. The planned redevelopment features a 71-unit, Passive House-certified affordable housing facility built over a 62-space parking garage, with 51 of the apartment units supported by the bond transaction. The remainder of the campus will undergo separate renovation activity. The bonds are described as exempt facility bonds for a qualified residential project under the Internal Revenue Code sections 142(a)(7) and 142(d)(1). The overall estimated project cost is listed at roughly $56.286 million, with the bonds intended to finance costs such as bond reserves, capitalized interest, issuance costs, and working capital expenditures tied to the development. The public notice also notes a ground-lease structure in which St. Mary’s Center for Women and Children, Inc. would own the land, with 90 Cushing North Four Limited Partnership as the ground leasehold tenant. This arrangement will help structure the financing and property control for the project as it moves through the permitting and construction phases. (search.boston.gov)

The MassDevelopment hearing is not occurring in a vacuum. It sits within a broader arc of city planning and housing finance activity surrounding St. Mary’s Center’s redevelopment of its campus at 90 Cushing Avenue in Dorchester. A Boston Redevelopment Authority/Boston Planning & Development Agency (BPDA) agenda from December 2023 already recognized the 90 Cushing North Chapter 121A Project as part of the city’s development pipeline, signaling long lead times and multiple interlocking financing mechanisms for the project. That 2023 BPDA document explicitly references the applications of the 90 Cushing North Four Limited Partnership and the 90 Cushing North Nine Limited Partnership to the city’s development authority for Chapter 121A authorization and approval, illustrating the project’s depth and the government approvals it has pursued over the years. (boston.gov)

Two primary-source anchors help readers verify the evolving story. First, the BPDA agenda from December 12, 2023 documents the initial presentations and actions related to the 90 Cushing North Chapter 121A Project within the Dorchester neighborhood, a clear prelude to the later MassDevelopment financing and hearings. Readers can consult the document for the official historical backdrop and the project’s early approvals and requests: BPDA/BRA agenda and notice (Dec 12, 2023). (boston.gov) Second, the City of Boston also published a HUD-related funding update in 2025 that mentions the St. Mary’s Center Redevelopment Project and the entities involved, including 90 Cushing Limited Partnership and the 90 Cushing North Four and Nine Limited Partnerships, alongside the anticipated release of HUD and LIHTC funding. This HUD-related release notice provides critical context on the funding mix and federal support behind the project: HUD funding release notice for St. Mary’s Center Redevelopment Project. (boston.gov)

Section 1: What Happened

Hearing Details

Date, time, and venue

MassDevelopment is scheduled to hold a public hearing on September 3, 2026, at 9:00 a.m. The hearing will take place at MassDevelopment’s offices, located at 99 High Street, 11th Floor, Boston, MA 02110. The purpose of the hearing is to consider issuing draw-down bonds in a maximum aggregate principal amount of $15,370,000 to benefit the borrower, 90 Cushing North Four Limited Partnership, with respect to the 90 Cushing North Chapter 121A Project on the St. Mary’s Center campus. This information is drawn from the agency’s public notice, which specifies the bonds’ tax-exempt status and their role in financing the affordable housing redevelopment. The public notice also notes that the total estimated project costs are about $56.286 million, underscoring the scale of the investment and the public financing’s role in unlocking private capital and tax credits. Readers can view the official notice here: MassDevelopment public hearing notice. (search.boston.gov)

Project scope and structure

The MassDevelopment notice describes a redevelopment plan that includes demolishing an existing parking garage and the North Building on a defined portion of the campus, followed by constructing a Passive House-certified, five-story, 71-unit affordable housing facility atop a 62-space parking structure. The plan contemplates a ground lease arrangement in which St. Mary’s Center for Women and Children, Inc. would own the land, with 90 Cushing North Four Limited Partnership serving as the ground tenant and subsequently forming a two-unit leasehold commercial condominium on the portion, one unit of which would be conveyed to the Borrower by unit deed. The project’s financing is intended to cover bond reserves, capitalized interest, issuance costs, and working capital expenditures associated with the redevelopment. Of the 71 units, 51 are specifically noted as allocated to the Bonds, with the balance subject to separate financing activities. These details are explicitly described in the MassDevelopment public hearing notice and reflect the hybrid ground-lease and bond-financing structure that is common for mixed-income, energy-efficient housing projects coordinated with public and federal support. For exact language and specifics, consult the official MassDevelopment hearing notice. (search.boston.gov)

Financing and cost specifics

Bond size and project cost

The hearing notice identifies a maximum aggregate principal amount of bonds at $15.37 million and cites a total project cost of approximately $56.286 million. The disclosed bond structure is described as “draw-down bonds” intended to support financing, refinancing, and the reimbursement of funds advanced for the project, including bond reserves, capitalized interest, and issuance costs. The project’s overall economics—public financing layered with private investment and potential tax credits—illustrate a blended approach to delivering affordable housing with a Passive House standard. Readers can verify these numbers in the MassDevelopment public hearing notice. (search.boston.gov)

Units funded by bonds and the footprint

The MassDevelopment notice notes that the 71-unit project would allocate 51 apartment units to the bonds, with the remainder likely supported by other funding sources. The project footprint includes approximately 41,545 square feet of redevelopment on the portion of the campus to be ground-leased, within a 3.4-acre main campus site. This granular breakdown helps contextualize the scale of the redevelopment and the share of cost recouped through tax-exempt financing. The same notice emphasizes that at least 40% of the apartment units are expected to be occupied by tenants with incomes not exceeding 60% of the area median income (AMI), reinforcing the project’s alignment with affordable housing goals. For precise figures, see the MassDevelopment hearing notice. (search.boston.gov)

Historical planning context

The December 2023 BPDA agenda confirms that the 90 Cushing North Four Limited Partnership and related entities had already been identified as part of Boston’s Chapter 121A development pipeline, signaling a longer planning horizon and multi-step approvals preceding the 2026 public hearing. The document demonstrates the city’s formal involvement in structuring the project through the 121A framework and frames the 2026 hearing as a continuation of a multi-year financing and land-use process. Interested readers can review the agenda to understand the project’s earlier approvals and the city’s enabling actions: BPDA/BRA agenda (Dec 12, 2023). (boston.gov)

Section 2: Why It Matters

Affordable housing and targeted income levels

A targeted, income-restricted portfolio

The project’s plan to deliver a 71-unit, Passive House-certified building with 51 units financed by draw-down bonds aligns with Massachusetts’ and Boston’s ongoing emphasis on expanding affordable housing stock through Low-Income Housing Tax Credit (LIHTC) programs and related public financing. The MassDevelopment notice highlights the building’s energy-efficiency standard (Passive House) and the ground-lease mechanism, which together enable long-term affordability while attracting private equity and tax credit equity. The project’s stated goal of ensuring at least 40% of units are occupied by households earning at or below 60% of AMI reflects a commitment to serving lower-income households within a market often characterized by rising rents. For context on the project’s financing mix and affordability targets, refer to the MassDevelopment hearing notice. (search.boston.gov)

Ground-lease structure and risk considerations

The ground-lease approach — land under St. Mary’s Center as owner, with 90 Cushing North Four Limited Partnership as ground tenant and a subsequent commercial condominium arrangement — is a common vehicle in development finance to separate land ownership from building ownership, facilitate financing, and align incentives among parties. This structure can influence long-term property management, resale value, and the distribution of revenues among the sponsors and lenders. The official notice outlines the arrangement, underscoring the importance of clear legal documents to ensure tax-exempt bond compliance, land-use controls, and leasehold rights for the project’s mixed-use components. For a detailed description of the public financing mechanics, see the MassDevelopment hearing notice. (search.boston.gov)

Public financing in the context of broader market trends

Financing mix and public-private collaboration

MassDevelopment’s issuance of draw-down bonds, combined with LIHTC and HUD programs, exemplifies a broader pattern in Boston and Massachusetts where public financing leverages private capital to accelerate affordable housing, energy efficiency, and community-building projects. The St. Mary’s Center redevelopment is part of a portfolio of projects that blend tax-exempt financing with private equity, city subsidies, and federal credits to deliver housing that meets modern standards for energy efficiency and resiliency. The BPDA document from 2023 shows that this project has long been part of a structured planning pipeline, indicating that such collaborations are not ad hoc but part of a coordinated approach to urban redevelopment. The HUD funding release notice from 2025 further illustrates how federal and local funds interlock with state financing to support multi-phase redevelopment. (boston.gov)

Implications for the local market and stakeholders

Benefiting residents and the neighborhood

The 90 Cushing North Four project targets affordable housing delivery within a Dorchester campus context that includes existing services and community programs provided by St. Mary’s Center. The development promises to bring new housing capacity with energy efficiency, potentially stabilized rents, and improved community facilities. In addition, the project’s scale — a 3.4-acre campus undergoing selective demolition and the construction of a five-story building over a parking garage — represents a meaningful physical and economic footprint on the neighborhood, with potential positive effects on nearby businesses and service providers. Readers should watch for the bond issuance decisions, the project’s construction timetable, and the tenant mix as the approvals progress. See the official MassDevelopment notice for full project details. (search.boston.gov)

Section 3: What’s Next

Timeline and milestones to watch

Sept. 3, 2026 hearing and subsequent steps

The primary action point remains MassDevelopment’s September 3, 2026 public hearing. After the hearing, MassDevelopment will determine whether to issue the bonds and how to structure the financing in light of public comments, final project costs, and tax-credit equity considerations. The MassDevelopment public notice indicates the hearing’s purpose and the bonds’ role in financing the project. The public may attend in person or participate as directed in the notice. Eyeballing the schedule, the next steps after a successful hearing would typically involve final bond issuances, legal documentation, and the start of construction or closeout activities as permitted by the project’s schedule. For reference, review the official hearing notice. (search.boston.gov)

Related government approvals and environmental considerations

In Boston and statewide development processes, projects of this scale and structure may also trigger environmental reviews and HUD-related processes. The HUD release notice published in 2025 outlines the environmental review and release-of-funds process and the potential environmental assessment steps associated with HUD funding. While not strictly tied to the MassDevelopment hearing, the HUD-related notice shows how federal review interacts with local and state actions to move a project forward. Readers can consult the HUD-related notice for context on the multifaceted approval pathway. (boston.gov)

What to watch for next

• Bond issuance decisions and the final structure of the draw-down bonds, including any changes in the aggregate principal amount or terms.
• The project’s construction timeline, permitting milestones, and potential ground-lease arrangements with St. Mary’s Center for Women and Children, Inc.
• Any updates to the AMI targets and occupancy plans for the 51 bonded units versus the total 71 units, along with occupancy and performance metrics once units are occupied.
• The role of LIHTC, state funding, and HUD programs in financing the remaining portions of the project and how these interact with Massachusetts General Laws 23G and 40D.

Closing

As the September 3, 2026 hearing approaches, readers should expect detailed disclosures from MassDevelopment about the bond issuance process and how the financing will interplay with federal and state programs designed to support affordable housing. The St. Mary’s Center redevelopment at 90 Cushing Avenue remains a high-profile example of the city’s ongoing effort to expand housing stock while meeting energy-efficiency standards and community needs. For ongoing updates, the two primary sources linked in this article will be the most direct avenues for official notices and filings: the MassDevelopment public hearing notice and the BPDA agenda from December 2023 that first highlighted the 90 Cushing North Four project’s path through Boston’s development channels. Readers are encouraged to review these primary documents as the public process unfolds, and to monitor subsequent MassDevelopment announcements for any amendments or new timelines related to the project.

In short, the MassDevelopment bond hearing 90 Cushing North Four marks a pivotal moment in a multiyear process to finance and realize a substantial affordable housing redevelopment on a historic campus. By combining draw-down bond financing with tax credits and HUD support, the project exemplifies a blended-financing approach aimed at delivering energy-efficient housing while maintaining affordability for long-term residents. The ultimate verdict on how effectively this financing aligns with housing goals and neighborhood benefits will emerge through the public process, the bond issuance decision, and the project’s delivery timeline. To stay informed, readers should consult the official notices and filings described above and watch for follow-up reporting as the process progresses.

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For readers seeking the official, primary-source documentation referenced in this piece, please review:

• MassDevelopment public hearing notice (Sept. 3, 2026) describing up to $15.37 million in draw-down bonds for the 90 Cushing North Four Limited Partnership project at St. Mary’s Center: MassDevelopment public hearing notice. (search.boston.gov)
• BPDA agenda and notice (Dec. 12, 2023) documenting the 90 Cushing North Chapter 121A Project’s early approvals and city involvement: 90 Cushing North Chapter 121A Project – BPDA agenda. (boston.gov)
• HUD funding and release-of-funds context for St. Mary’s Center Redevelopment Project: HUD release of funds notice for St. Mary’s Center Redevelopment. (boston.gov)

Notes on the record:

• The hearing date and the project’s primary financing figures cited here come from the official MassDevelopment hearing notice as published on Boston.gov. The notice identifies the maximum bond amount ($15.37 million), the total project cost ($56.286 million), and the land-use arrangement (ground lease with St. Mary’s Center and 90 Cushing North Four Limited Partnership). These details anchor the reporting in verifiable primary documents. (search.boston.gov)
• The 2023 BPDA document provides historical context for 90 Cushing North Four Limited Partnership’s role in the city’s development pipeline and is a crucial provenance for readers tracking the project’s governance trail. (boston.gov)
• The HUD-related release notice adds federal financing context to the St. Mary’s Center Redevelopment Project, illustrating how multiple layers of public funding intersect in this effort. (boston.gov)

End of article.