Posted on July 8, 2008
BOSTON, July 8, 2008 --- The Massachusetts Housing Partnership has committed $8.6 million to help three local non-profits create or rehabilitate 156 affordable units in Mattapan, Jamaica Plain, and Dorchester.
MHP committed $4.35 million in first-mortgage financing and $450,000 in Home Funders second-mortgage financing to Nuestra Comunidad Development Corporation and Mattapan CDC for the rehabilitation of 95 units on River Street in Mattapan, known as the Adams Court apartments.
All units will be affordable to residents earning between 30 and 60 percent of the area median income (AMI), which in Boston is between $23,166 and $46,332 for a family of four. The $450,000 loan from Home Funders will ensure that nine two-bedroom units are affordable to families who earn no more than 30 percent AMI.
The Adams Court effort is the seventh project that MHP has undertaken with Nuestra Comunidad. Altogether, MHP has committed over $12 million to help NCDC create 239 affordable apartments throughout Boston.
Jamaica Plain: $1.2 million for 30 apartments
In Jamaica Plain, MHP has committed $1.2 million to help Jamaica Plain Neighborhood Development Corporation (JPNDC) create 30 new affordable apartments in one four-story building with retail space on the first floor.
Located at 270 Centre Street, the Centre Wise Lamartine Apartments will also be completely affordable, and 20 of the units will be affordable to residents earning between 30 and 60 percent of AMI. The project will include four studio apartments, four one-bedroom units, 20 two-bedroom units, and two three-bedroom apartments.
This is the third effort that MHP has sponsored with JPNDC. Altogether, MHP has committed $6.9 million to help JPNDC create or rehabilitate 126 affordable units.
Codman Square: $3 million to preserve 31 units
In Dorchester, MHP committed $3 million to help the Codman Square Neighborhood Development Corporation (CSNDC) perform moderate rehab work to 31 units at Talbot and Lithgow Streets in Dorchester.
The Lithgow Apartments include 28 two-bedroom and three three-bedroom units. Eleven units will be affordable to residents earning between 60 and 80 percent of AMI, which in Boston is between $46,332 and $66,150 for a family of four.
Altogether, MHP has committed $7.5 million in five projects to help CSNDC create or rehab 146 affordable units throughout Boston.
In total, MHP has now supported 94 projects in the City of Boston, providing over $150 million to finance over 4,000 rental units.