LOW fixed interest rate. AVOID COST of private mortgage insurance. That's ONE Mortgage. LEARN MORE

First-time buyer? Check out ONE Mortgage

Patrick celebrates Olmsted Green

Community takes shape onformer state hospital site; MHP finances affordable rentals

Posted on May 15, 2008

BOSTON --- Governor Deval Patrick was the keynote speaker at a ceremony earlier this month celebrating the progress of Olmsted Green, a residential community that upon completion will include affordable, energy efficient homes, as well as walking trails and an organic farm on 42 acres near Franklin Park in Dorchester.

 “Olmsted Green is helping to produce new homes, jobs and business opportunities for residents of all incomes,” said Governor Patrick at the May 6 event. “This development is a major asset for this community and is consistent with the vision we have for the Commonwealth.”

When completed, Olmsted Green will feature 287 condominiums and 150 affordable rental apartments. MHP has committed over $2 million in permanent financing for 51 affordable rental units.  MHP also provided a second mortgage of $750,000 through Home Funders, a program that lets developers make a greater number of units affordable to lower-income families.

Altogether, the affordable component of the effort financed by MHP will include six one-bedroom units, 39 two-bedroom units, and six three-bedroom units.  At least 15 units with two or more bedrooms will be affordable to residents earning at or below 30 percent of the area median income, which in Boston is $11,583 for a family of three.

The remaining units will be affordable to families earning 60 percent of the area median income, or $46,332 for a family of three.

For more information and a list of other financial supporters, click here and here.

The low-impact, environmentally friendly design of the units will further increase the affordability of Olmsted Green.  All condominiums and townhouses will be Energy Star certified, with energy-efficient appliances, windows, and top-quality insulation. 

The homes are being built on land that belonged to a Boston State Hospital site, and is the largest tract of undeveloped land in the city. 

The architects behind the project, ICON Architecture, are a local firm that has completed over 50 affordable projects since 1990 including many financed by MHP.  Some of these include Egleston Crossing, the Dartmouth Hotel, and Janus Highland Apartments.