Posted on September 26, 2003
Using its ability to provide private sector financing for affordable housing, the Massachusetts Housing Partnership (MHP) is committing nearly $1.7 million in permanent financing to help create much-needed affordable rental housing in Dorchester.
The loan helped enable the Codman Square Neighborhood Development Corporation (CSNDC) to turn a vacant tow lot just off Talbot Avenue into 44 units of affordable rental housing for families.
The MHP funds come from its bank-funded loan pool created in 1990 when the state legislature passed a law requiring banks to extend credit lines to MHP for affordable housing. Since then, MHP’s fund has grown to a half-billion dollars and it has provided hard-to-find, below-market, long-term financing for nearly 10,000 units.
This is the fourth such effort between CSNDC and MHP. All told, MHP has provided nearly $3.4 million in permanent financing, creating or preserving a total of 102 units for families living in the Dorchester area.
CSNDC held an opening ceremony on Monday, Sept. 29. Boston Mayor Thomas Menino and other community leaders attended.
In addition to celebrating the opening of 44 affordable units known as Talbot Bernard Homes, CSNDC also celebrated the completion of Talbot Bernard Senior Housing. Situated at the front of what was the tow lot, the senior housing building will provide 31 units of rental housing for seniors.
"Those who say neighborhood development is old news and say that the private side can take care of things, they should take a look at this," said Clark Ziegler, MHP's executive director. "This is what community development is all about and we're ready for the next one."
Interest in the senior housing and the family housing has been high, as over 2,000 individuals and families applied for the housing, according to CSNDC. The 44 units set aside for families are spread among eight multi-family homes off Talbot Avenue, behind the senior housing building at the front of the property.
Additional funding for the effort is being provided by the state Department of Housing & Community Development, the City of Boston, MassHousing, the Community Economic Development and Assistance Corp., MassDevelopment, the Local Initiatives Support Corp., the Neighborhood Reinvestment Corp., and the Boston Private Bank and Trust Company.
(PHOTO INFORMATION: Talbot Bernard Homes will provide 44 units of affordable rental housing for the Dorchester neighborhood of Boston).