Posted on August 19, 2009
DORCHESTER, August 18, 2009 --- The site of a former nightclub has become the symbol of neighborhood revitalization, thanks to Dorchester Bay Economic Development Corporation (DBEDC).
The Dorchester non-profit recently held a grand opening for Dudley Village Homes, an attractive 50-unit affordable rental housing development on Dudley Street, one of the busiest thoroughfares connecting Roxbury and Dorchester.
“This is a turning point project,” said Jeanne DuBois, executive director of DBEDC at the August 8 celebration, which was attended by many community and city leaders including Mayor Thomas Menino. "This will help transform an area that has fallen into hard times.”
Located on Dudley Street in Dorchester, the complex consists of five buildings broken up into two phases; Dudley Village North which consists of 24 units and Dudley Village South which consists of 26 units. Of the 50 units, 43 will be affordable to residents earning at or below 60 percent of the area median income (AMI), five will be affordable to residents earning at or below 30 percent AMI, and two rental units will be affordable to residents earning at or below 50 percent AMI. One portion of the complex sits on the site of the former Fundonzinho Lounge, a club known as a crime magnet in the neighborhood.
MHP committed $2.1 million in permanent rental financing to help Dorchester Bay Economic Development Corporation construct this complex. Additional funds for the projects were covered by contributions from 23 investor groups, including the Local Initiatives Support Corporation, the Massachusetts Housing Investment Corporation, and the Massachusetts Technology Collaborative. The City of Boston contributed $2 million in funding to the two phases of the project.
The development also features green building technology. The development earned both Energy Star Standard certification and Silver Standard certification in the Leadership in Energy and Environmental Design, or LEED, Green Building Rating System.
Including this loan, MHP has committed over $5.7 million to Dorchester Bay Economic Development Corporation for the financing of over 200 units of rental housing in Boston.
MHP is a privately-funded, state non-profit housing organization that uses funds from the banking industry to provide long-term loans for affordable rental housing at highly competitive interest rates. Since 1990, MHP has made over $610 million in loans and commitments for the financing of over 15,000 units of rental housing, most of it affordable and on a smaller scale that’s in character with communities.
For more information about MHP and this project, contact Loan Officer Amanda Roe at 617-330-9944 x273.