St. Joseph Hall
This historic building located at 2 Rosary Drive in Watertown is currently home to 25 elderly tenants, but was the Rosary High School for over 50 years. It is part of an educational campus that was established by the Dominican Sisters of Peace in 1911 and has evolved into a multi-generational community of rental apartments, condominiums and a 45 student pre-school.
The project received $5.5 million in financing support from the Town of Watertown, the Mass Dept. of Housing and Community Dev., the Community Economic Development Assistance Corp., the Mass Housing Investment Corp., the Federal Home Loan Bank of Boston, the Marshall Ho
mes Fund, and Watertown Savings Bank.
This acquisition/rehabilitation was the first major
undertaking of the organization. Over $5.5 million was raised from the Town of Watertown, Federal Home Loan Bank, Community Economic Development Assistance Corporation and Low Income Housing Tax Credits awarded by the Mass. Dept. of Housing and Community Development. Other key partners include Boston Community Capital and Watertown Savings Bank. The project provides 18 units to families earning less than 60% of area median income or about $58,000 for a family of four.
This project was the redevelopment of a nursing home into ten units of affordable elderly rental housing and one care-taker unit. The project was undertaken with CasCap, Inc. who continues to own and operate the property. Its total development cost was $2.4 million.
The redevelopment of two 2-family homes into four affordable condominiums was the organization’s first effort a housing development. Key partners include the Mass. Dept. of Housing and Community Development and Belmont Savings Bank. Its total development cost was $1.2 million