"Naturally occurring affordable housing can be an excellent opportunity to increase affordable units while mitigating the overall cost burden. For example, in the last six months, Standard Communities has spearheaded public-private partnerships to preserve naturally occurring affordable housing and create 650 units of dedicated workforce housing in California and in the East," said Sean Carpenter, Standard's Director of Development.

“Sean Carpenter has extensive experience as an affordable housing developer, consultant, and tax credit syndicator, with experience working for the Massachusetts state housing finance agency. As Standard continues to expand with ambitious growth targets, Sean provides us with new capabilities to pursue ground-up development opportunities, as well as the benefit of having valuable relationships with major commercial real estate players throughout the Northeast and nationwide,” said Scott Alter, Principal and Co-Founder of Standard Communities.

“This L.P. transaction demonstrates Standard’s creative and nimble approach to preserving affordable housing in the Boston market. We look forward to raising additional funds to ensure affordable housing is preserved across the country,” said Joon Lee, Director of Strategic Capital at Standard Communities.

“At a time when economic insecurity is at an all-time high, Standard Communities is proud to invest into Massachusetts affordable housing and is committed to providing high-quality, affordable workforce housing that will enhance the quality of life of Methuen and Westwood residents,” said Joon Lee, Director of Strategic Capital at Standard Communities.