Tenants Development Corp. Will Buy Properties Put on the Market

The Tenants Development Corporation (TDC) announced that it plans to purchase 186 units of affordable housing in 36 Brownstone buildings – units that it had put on the market with a broker earlier this month.

The proposed sale of the properties through the broker was a mere formality, suggested a statement from TDC. The housing developer told the Sun in a statement that they were simply purchasing back the share from a partner they’ve had since 2003.

“TDC has a limited partner who invested in the property through a federal tax credit program in 2003,” read the statement. “Under agreements dating to 2003, the limited partner has asked TDC to sell the property.  TDC holds a contractual right to purchase the property.  In order to exercise that right, a broker must advertise the property and receive and review any and all offers to purchase before TDC can exercise its right to purchase.”

The historic townhomes are 100 percent affordable and protected by the state affordable housing preservation law. That law requires TDC to notify residents, the state and the City when a property like that is put up for sale. That notice has gone out and includes a statement of TDC’s intention to purchase the properties.

“TDC has a plan in place to assure that the property continues to be owned by TDC and remain affordable,” read the statement, which pointed out TDC has owned the properties for more than 50 years.

TDC said during the process there will be no change to the management of the property and no change to residents’ affordable rents. No resident will be required to move because of the process, they indicated.

“Again, TDC has the right to acquire the units and plans to exercise that right,” read the statement. “TDC remains committed to its mission of providing and protecting affordable housing for the residents and South End and Lower Roxbury community.”

The properties were listed with St. James Real Estate Advisors this month, with a deadline for offers in late January. The listing indicated that property tours were available for potential buyers and there was no asking price listed for the sale.

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