The Massachusetts House of Representatives has voted to approve a bill that would allow churches, synagogues and other religious institutions to build housing on their property. Known as Yes in God’s Back Yard (YIGBY), the measure passed as part of a $561-million economic development and competitiveness bond bill. It needs to be approved by the Senate and signed by Gov. Maura Healey before becoming law.
The YIGBY bill would allow religious entities to override local zoning and build housing on their properties without needing a special permit, reported the Boston Business Journal. It would add to a state program to build housing on surplus state-owned land and initiatives such as Boston’s office-to-apartment conversion incentive program.
The Citizens’ Housing & Planning Association (CHAPA), which endorsed the YIGBY measure, applauded its passage in the House. CHAPA communications director Jenna Connolly called it “one of many innovative, creative solutions we need to provide more affordable housing across Massachusetts.”
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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