Posted on November 29, 2011
QUINCY, Nov. 29, 2011 --- At the grand opening of 6 Fort Street, Janelle Chan left no doubt that affordable housing is needed, noting that nearly 400 families had applied to live there. "Demand far exceeds the supply," said the executive director of the Asian Community Development Corporation (ACDC) during opening ceremonies on Nov. 15.
The sobering numbers should not take way from ACDC's accomplishment in redevelopinga former church and an adjacent office building into an attractive 34-unit affordable rental housing development during the height of the economic crisis.
"This project was conceived at the worst time for affordable housing and the fact that it made its way forward is a reflection on the outstanding team ACDC put together and the commitment by the City of Quincy to get this done," said Dick Mason, deputy director of lending for the Massachusetts Housing Partnership (MHP). "This sends a message of how important this housing is."
The $11 million project was financed primarily through federal and state low income housing tax credits awarded by the state Department of Housing and Community Development (DHCD), with the Massachusetts Housing Investment Corp. (MHIC) supporting the development as the tax credit investor.
DHCD also provided $550,000 in HOME funds and $498,000 from its Community Based Housing Program (CBH), which supports the development of integrated housing for people with disabilities, with priority for individuals who are in institutions or nursing facilities or at risk of institutionalization.
MHP provided a $940,000 first mortgage commitment as well as $350,000 in second mortgage financing from Home Funders, a subsidy program MHP offers to help developers make more units available to lower-income families.
The development also received $1 million from the state's Affordable Housing Trust Fund, $100,000 in state HOME funds and $350,000 from the City of Quincy through its own local affordable housing trust and HOME funds.
"For 34 families, the dream of having an affordable place to live is a dream that has been realized," said Thomas P. Koch, mayor of Quincy. "To those families, I say 'Welcome home.' "
The Fort Street apartments are located five minutes from downtown Quincy and close to public transportation, schools and stores. The development features eight one-bedroom, 23 two-bedroom and three three-bedroom apartments. All units are affordable to householdsup to60 percent of median income,which in Quincy is $57,780 for a household of four. Seven of the two- and three-bedroom units will be rented to households with incomes up to 30 percent of area median, which is $28,900 for a household of four.
The development involved transforming a former church and an adjacent office building into apartments, with a ground-floor corridor connecting the two buildings. Designed by Davis Square Architects, the development also added a new parking garage, and outdoor recreation and playground space on a former paved parking deck.
In her dedication remarks, ACDC's Chan thanked all the partners responsible for redeveloping the property into affordable housing and indicated that ACDC will continue to address the need for affordable housing.
"Recent market studies (of Quincy) showed a huge need for affordable housing, with more than 3,000 renter households spending more than half of their income for housing or living in substandard housing," said Chan. "There are approximately 8,200 low- and moderate-income Quincy households who cannot afford market rate rents, meaning these families are at risk of becoming rent-burdened, doubling up and living in overcrowded situations, or even becoming homeless.
"ACDC is invested in the success of these 34 families who will be living here, and we are invested in the city of Quincy."
For more information about this development and MHP's financing programs, contact Deputy Director of Lending Dick Mason at 617-330-9944 x242.