Madison Park Development Corp. celebrates rehab of Roxbury apartment building
Posted on October 17, 2006
In a ribbon cutting ceremony on October 10, MPDC CEO Jeanne Pinado said in the two years prior to MPDC’s purchase, police had received over 100 calls about drug and drug-related incidents at this building.
Located at the corner of Ruggles Street and Shawmut Avenue, MPDC has converted the property from 40 studio and one-bedroom units to 43 units that include eight two-bedroom units and two three-bedroom apartments.
“Madison Park did a beautiful job fixing this building and we (the residents) are going to make sure it stays that way,” said resident William Almeyda, who has lived in the building for seven years.
MHP has committed $1.9 million in long-term first mortgage financing and a $450,000 deferred payment second mortgage from Home Funders, a program MHP offers to help developers make more units available to lower-income households. With Home Funders, Madison Park will be able to rent nine of the 10 two- and three- bedroom units to families with incomes at or below 30 percent of the median income, which in Boston is $25,250 for a family of four. All of the units will be 100 percent affordable for families at 60 percent of the average median income.
Ruggles-Shawmut was also funded with Low Income Housing Tax Credits and federal HOME funds awarded by the state Department of Housing and Community Development. The City of Boston also provided HOME funds. The Community Economic Development Assistance Corporation (CEDAC) provided acquisition funding. Included in CEDAC’s initial funding was $1.5 million from Home Funders.
This is the second time that MHP has assisted MPDC purchase, renovate, and stabilize affordable rental housing in the city of Boston. In 2004, MHP provided $9.7 million in first mortgage financing to help Madison Park acquire and rehabilitate 69 units of rental housing in a nearby South End neighborhood.
ABOUT MHP: MHP is a quasi-public state agency that provides permanent financing for affordable rental housing. MHP uses private bank funds to finance affordable housing due to a 1990 state law that requires banks that purchase other banks to make funds available to MHP. Since 1990, MHP has provided over $430 million in permanent loans for the financing of 12,000 units of rental housing. In addition to financing, MHP helps cities and towns initiate and develop affordable housing. It also provides homeownership opportunities through the SoftSecond Loan Program, a mortgage program for low and moderate-income first-time homebuyers.
ABOUT HOME FUNDERS: The Home Funders collaborative was created to address the problem of affordable housing for extremely low income families. Offered by MHP and CEDAC, the funds are used so that developers can make more units affordable to lower-income households. Home Funders is funded by some of Greater Boston’s most prestigious charitable foundations. It was founded by the Paul and Phyllis Fireman Charitable Foundation, The Highland Street Connection, The Hyams Foundation, The Boston Foundation and The Mellon Charitable Giving Program/Peter E. Strauss Trust.
For more information, contact MHP’s Callie Clark by email or at 617-330-9944 x227