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Patrick-Murray target $153.9M for affordable rental housing

Posted on January 8, 2010

NEW BEDFORD, Jan. 8, 2010 --- Governor Deval Patrick and Lieutenant Governor Timothy Murray have announced the investment of $153.9 million to support 26 affordable housing rental projects in 17 communities across the state.

These projects will create or preserve 1,305 rental units, 1,147 of which are affordable, with 144 set aside for families transitioning to permanent housing from homelessness. Funding will come from private investment, the federal American Recovery and Reinvestment Act and programs administered by the state Department of Housing and Community Development (DHCD).

“This is a great example of government and the private sector coming together to help get people back to work," said Governor Patrick during a Jan. 8 press conference in New Bedford. To read the full announcement, click here.

Of the $153.9 million, the Patrick Administration and DHCD will utilize more than $131.4 million worth of its resources to produce 1,050 rental units – 926 of which will be affordable. The remaining $22.5 million comes from federal recovery and reinvestment funds, which will be used to jump start developments in New Bedford, Ipswich and Gloucester that have been stalled due to the lack of equity available in the tax credit market. Here is the full list of funding awards:

Rental awards for homelessness projects

Bowdoin Lodge (Boston): The Commonwealth Land Trust will use $406,439 from DHCD housing programs to rehabilitate 111 affordable units, with 29 set aside for homeless individuals.

Rutland Sq. House (Boston): The Reed Charitable Trust will use $750,000 from DHCD to produce 5 units targeted to homeless households.

Franklin Park Apartments (Boston): The Community Builders will use $2.6 million in federal low-income housing tax credits to rehabilitate 220 affordable units with 55 units targeted for homeless households. It will also receive another $1.2 million in federal weatherization assistance program funds to utilize green building technology.

Saunders School (Lawrence): Peabody Supportive Housing LLC will use $1.3 million in DHCD subsidies and $347,982 in federal tax credits to produce 16 units all targeted to homeless families.

H2O – Hope to Opportunity (Lowell): Developed by House of Hope with $557,324 from DHCD to produce 5 units for homeless families.

King Street – Single Room Occupancy (Northampton): The Valley Community Development Corporation will use $650,000 in state funds and $500,000 in federal HOME funds to produce 10 new affordable units, with 5 units for homeless individuals.

The Maples – Single Room Occupancy (Northampton): The Valley Community DC will use $950,000 in state funds to rehabilitate 11 affordable units with 4 targeted to homeless individuals.

Rental awards

Old High School Commons (Acton): The Common Ground Development Corp. will use $1,605,000 in DHCD subsidies and $334,294 in federal tax credits to produce 15 new affordable apartments. 2 units will be set aside for those earning 30% or below of area median income.

Kateri Tekakwitha Senior Housing (Auburn): Kateri Tekakwitha Development, Inc. will use $1,150,000 in DHCD subsidies to produce 30 affordable rental units.  15 units will be set aside for those earning 30% or below of area median income.  

Holcroft Park Homes (Beverly): The North Shore YMCA and Beverly Affordable Housing will use $3,300,000 in DHCD subsidies and $643,500 in federal tax credits to build 33 affordable units with 8 units targeted to those earning 30% or below of area median income.

157 Washington Street (Boston/Dorchester): Codman Sq. Neighborhood DC will use $1,550,000 in DHCD subsidies and $630,000 in federal tax credits to produce 24 new affordable units; 3 will be targeted to those earning 30% or below of area median income.

Bloomfield Gardens (Boston/Dorchester): Viet-Aid will use $2,750,000 in DHCD subsidies and $661,011 in federal tax credits to build 27 affordable units with 7 units targeted to those earning 30% or below of area median income.

Cheriton Grove Apartments (Boston/West Roxbury): The Cheriton Grove Corp. will use $181,538 in state low-income housing tax credits to produce 60 affordable units with 6 set aside for residents earning 30% or below of area median income.

Maverick Street Apartments (East Boston): The East Boston Community Development Corp. will use $1,000,000 in DHCD subsidies and $714,642 in federal tax credits to produce 27 affordable units, 3 will be set aside for residents earning 30% or below of area median income.

Wampanoag Mill (Fall River): Winn Development will use $1,550,000 in DHCD subsidies and $1,100,000 in federal tax credits and $2,400,000 in state tax credits to build 97 apartments. 63 will be for low- and moderate income tenants; 10 units will be set aside for residents earning 30% or below of area median income.

Veteran’s Park Apartments (Falmouth): The Falmouth Housing Corp. will use $2,087,500 in state subsidies and $702,000 in federal tax credits to produce 39 affordable units with 9 set aside for those earning 30% or below of area median income.

Bowers Brook Housing (Harvard): L.D. Russo, Inc. with use $1,981,233 in DHCD subsidies and $756,000 in federal tax credits to build 42 affordable units with 5 set aside for residents earning 30% or below of area median income.

Moody Street Apartments (Lowell): The Coalition for a Better Acre will use $1,888,000 in DHCD subsidies and $499,000 in federal tax credits to produce 23 affordable apartments with 6 units set aside for residents earning 30% or below of area median income.

Little Neck Village (Marion):  Edward A. Fish Associates, LLC will use $2,034,629 in DHCD program subsidies and $829,089 in federal tax credits to build 48 affordable units with 12 set aside for residents earning 30% or below of area median income.

Regency Tower (New Bedford): Trinity Financial will use $4,500,000 in DHCD program subsidies and $758,000 in federal tax credits and $1,633,000 in state tax credits to preserve 129 units with 43 affordable units set aside for low- and moderate-income residents.

6 Fort Street (Quincy): The Asian Community Development Corp. will use $2,048,502 in DHCD subsidies, and $765,000 in federal tax credits and $554,000 in state tax credits to build 34 affordable units with 7 set aside for residents earning 30% or below of area median income.

204 Main Street (Spencer): The South Middlesex Opportunity Council will use $1,900,000 in DHCD subsidies to produce 24 affordable apartments with 6 units set aside for residents earning 30% or below of area median income.

26-28 Dayton Street (Worcester): The South Middlesex Opportunity Council with $725,000 in DHCD subsidies to produce 16 affordable apartments with 4 set aside for residents earning 30% or below of area median income.

Tax credit exchange awards (American Recovery and Reinvestment Act)

United Front Phases I & II (New Bedford): The Preservation of Affordable Housing and will use $10,400,000 in tax credit exchange funds to rehabilitate and construct 173 units, including 139 affordable units. This project will generate an estimated 212 jobs*.

Powder House Village (Ipswich): The North Shore YMCA will use $8,139,940 in tax credit exchange funds to build 48 units, all of which will be affordable. This project will generate as estimated 80 jobs*.

Pond View 3 (Gloucester): The Caleb Foundation and will use $4,000,000 in tax credit exchange funds to build 34 units, all of which will be affordable. This project will generate an estimated 70 jobs*.

*All job estimates are based on formulas established by the accounting firm Deloitte Touche