Posted on November 21, 2002
In the past six months, MHP permanent financing in seven developments will result in the creation of 101 new units of affordable housing and the preservation and rehabilitation of 85 more units.
All told, these seven developments stand to receive nearly $9 million in permanent financing from MHP. In every development, MHP has combined with other private and public agencies to fund these projects.
“Putting the pieces together is a lot of work,” said Clark Ziegler, executive director of MHP. “These developments are proof positive of what it takes to solve the affordable housing crisis. We need to be doing more of this.”
The seven neighborhood efforts receiving support from MHP are:
ALLSTON: A celebration was held on Nov. 21 to mark the renovation and preservation of the Hano Homes Apartments. Fifteen of the 20 units will be affordable. MHP supplied $520,000 in permanent financing. Other funders included the state Department of Housing and Community Development (DHCD), the Massachusetts Housing Investment Corporation (MHIC), the city of Boston, the Federal Home Loan Bank, and the Community Economic Development Corporation (CEDAC). Harvard University also provided funding through the Local Initiatives Support Corporation (LISC).
HOWARD DACIA HOMES: New construction of 14 buildings totaling 26 units on previously vacant or blighted sites in and around the intersection of Howard and Dalkeith streets in Dorchester. MHP is providing $745,000 in permanent financing to the Nuestra Communidad Development Corporation. Most of the financing for the $5.5 million project is coming through low-income housing tax credits. MHIC, the City of Boston, DHCD and the state’s Affordable Housing Trust Fund are also providing financing.
FIELDS CORNER: Six new units of affordable rental housing have been completed on Faulkner Street near the Fields Corner T station. MHP is providing a total of $844,000 in mortgage and subsidy to the developer, Vietnamese American Initiative for Development. The City of Boston and Boston Community Capital also provided funds. “These six units will provide affordable housing for five working families and one homeless family. It’s another victory for the Dorchester community,” said Mayor Thomas Menino at dedication ceremonies held in August.
DORCHESTER: MHP is committing nearly $1.7 million in permanent financing to the Codman Square Community Development Corporation to fund the development 44 new affordable rental units on what is now vacant land between Talbot and Bernard streets. A significant amount of funding for this $11 million project is through tax credits. Other funding sources include the City of Boston, DHCD, the state Affordable Housing Trust Fund, MassDevelopment and the Local Initiative Support Corporation (LISC).
MATTAPAN: MHP is committing $1.9 million in long-term permanent financing to Urban Edge Housing Corporation for the rehabilitation of 37 affordable units known as Harvard Hill Apartments, which were at risk of being sold as market-rate condominiums prior to MHP’s financing. DHCD, MHIC and the City of Boston are also supporting this effort.
ROXBURY-JAMAICA PLAIN: MHP is committing $2.6 million in permanent financing to Urban Edge for the preservation and rehabilitation of Dixwell Park Apartments. The effort covers 33 units in seven buildings in Roxbury and Jamaica Plain. This effort will prevent some of these units from being converted to market-rate apartments.
DORCHESTER: MHP is providing $725,000 in permanent financing to help create 25 units of affordable housing in what was an old school.
For more information about MHP’s rental financing programs, call 617-338-7868.
(Photo information: Hano Homes Apartments in Brighton).