Banker & Tradesman, June 5, 2017

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A Publication of The Warren Group COMMERCIAL INTERESTS

Springfield Casino Threatened By CT Proposal

UNCERTAIN TIMES

Third Connecticut Casino Would Be Built On MA Border BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

L

A BLOW TO

Affordable Housing Financing Source Of Equity Shrinks Amid Tax Debate

Continued on Page 3 LEAD LAWS

Proposed Lead Law Changes Offer More Protection Landlords Claim Unfair Remediation Burden BY JIM MORRISON BANKER & TRADESMAN STAFF

P

roposed changes to the Massachusetts lead paint laws are aimed at lowering lead levels in children, reducing the cost of abatement and bringing them more in line with federal statutes. The proposals have received widespread report, but not everybody is happy with them. The biggest proposed change is the Department of Public Health (DPH)’s recommendation to redefine lead poisoning from the current 25 micrograms of lead per deciliter of blood (25µg/dL) to 10µg/dL or greater. That’s significant because the state can force a homeowner to delead their home or apartment if a child living there has lead poiContinued on Page 6

BY STEVE ADAMS BANKER & TRADESMAN STAFF

A

planned 61-unit affordable housing complex for senior citizens in Brighton ran into unexpected turbulence shortly after the presidential election when a crucial source of financing threatened to dry up. Developer Jewish Community Housing for the Elderly (JCHE) had received three letters of interest from investors for low-income housing tax credits it was awarded last August. After the election, all three parties reduced their offers by approximately $1.1 million amid a nationwide decline in the market value of low-income tax credits. That was a potential deal-breaker, with equity from the sale of the tax credits estimated at more than half of the $23 million project costs. After a six-month process, the project received a $1.2 million grant from The Harry and Jeanette Weinberg Foundation. That, combined with some cost controls, will enable JCHE to close on the project in midJune and break ground in July. “We went out and raised $1.2 million in Continued on Page 9

Low-income housing tax credits are an important component of financing packages for developments containing affordable housing such as The Beverly, a 239-unit rental complex under construction near Boston’s North Station.

Photo by Steve Adams | Banker & Tradesman Staff

et’s face it, maybe Mitt Romney wasn’t so crazy after all when he proposed having casino-rich Connecticut effectively bribe Massachusetts to stay out of the gambling business. A straight-laced kind of guy, Romney was not a big casino fan when he was governor back in the mid-2000s. Romney’s plan was to recover some of the revenue flowing into Connecticut’s coffers, courtesy of all the Massachusetts gamblers playing the slots at Mohegan Sun and Foxwoods. And with Connecticut moving to plunk a third casino near the Massachusetts border, Romney’s long-lost idea increasingly looks prescient. The Connecticut Senate recently voted to give a green light to a proposal by the Mohegan and Mashantucket Pequot tribes to build a $300 million “satellite” casino in East Windsor. The

CONTENTS

Residential ��������������������������������������������������������������� 8

Classified Sections1 ������������������������������������������������� 4

Points ����������������������������������������������������������������������� 4

In Person ������������������������������������������������������������������ 7

Records Section ������������������������������������������������������ B1

By The Numbers ������������������������������������������������������� 6

Commercial & Industrial ������������������������������������������ 9


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