Posted on July 15, 2011
DORCHESTER, July 15, 2011 --- Plans for a more vibrant Codman Square neighborhood moved closer to reality recently as state and local leaders gathered for the groundbreaking of a new commuter rail station and the grand opening of 24 new affordable rental homes developed by the Codman Square Neighborhood Development Corp. (CSNDC) and supported financially by MHP.
The two developments - the $15.9 million Talbot Commuter Rail Station and the $8.2 million Levedo Building - are just a few hundred feet from each other on Talbot Ave., which runs west from Codman Square toward Franklin Park. Boston Mayor Thomas Menino said these initiatives --- funded with federal, state, city and private dollars ---are intended to create a more livable, economically-strong neighborhood.
"These two projects indicate substantial progress towards the city's development of more walkable, transit-oriented communities along the Fairmount commuter rail line, with business and housing right next to the new Talbot Avenue stop," said the mayor. "The city is proud to be part of these projects. Developments like these help to stimulate economic growth and renew communities."
Menino joined Governor Deval Patrick, Congressman Michael Capuano and other state officials for the commuter rail groundbreaking on June 7. Menino then moved down the street to the mark the completion of the Levedo Building with CSNDC Executive Director Gail Latimore and other local leaders and investors.
"CSNDC is pleased to addthe Levedo Building to our legacy of well designed, well-built, and well-managed mixed income rental and homeownership housing in our service area," said Latimore. "With Levedo complete, we will continue to move forward and seek more opportunities to enhance the quality of life for all residents of Codman Square."
The Levedo Building was constructed on a four-parcel site, one of which was a used car dealership called Levedo Motor Inc. The new four-story energy-efficient building features apartments for smaller households and larger families, with two studio apartments, four one-bedroom apartments, 12 two-bedroom apartments, one three-bedroom apartment, and five four-bedroom apartments. All homes are affordable to households earning at or below 60 percent of the area median income (AMI) or no more than $55,080 for a family of four.
Financing was provided primarily through federal Low Income Housing Tax Cr edits awarded by the state Department of Housing and Community Development (DHCD). Bank of America provided construction financing and is the tax credit investor. MHP provided a $630,000 long-term loan commitment from its bank-funded loan pool.
In addition to awarding tax credits, DHCD also provide over $1.4 million in grant funding from its Facilitieds Consolidation Fund (FCF) and Housing Stabilization Fund programs. The City of Boston provided $590,000 in federal HOME funds and $650,000 from its Neighborhood Housing Trust.
The development also received a Brownfield grant from Mass Development, as well as additional funding from NeighborWorks America, Local Initiatives Support Corporation, Mass Clean Energy Center, and rebates for energy efficiency from Energy Star. Energy-saving features include a white flat membrane roof, storm water irrigation, system, high efficiency fixtures and appliances, Energy Star compliant rigid insulation over panelized wall sections, cellulose insulation rather than fiberglass, efficient heating/cooling system; low VOC paints, adhesives and sealants; and implementation of a construction waste and recycling management plan.
Levedo is the eighth CSNDC development that MHP has supported. MHP has now provided CSNDC over $8 million in first-mortgage loans and commitments, representing 194 rental units, 182 of them affordable. MHP's strong support for affordable housing is evident not just in Codman Square but all over Boston. MHP has now provided over $190 million in first mortgage loans and over $9 million in second mortgage loans in Boston for the financing of 120 rental housing developments totaling over 4,900 units of rental housing. For a list of MHP-financed developments in Boston, check out MHP's project portfolio.
Of four new stations in the Fairmount Commuter Rail Line Rehabilitation Project, Talbot station is the third to begin construction this year. Similar to the Four Corners / Geneva station presently under construction, work on the Talbot Avenue station will include new high level platforms, new canopies, passenger shelters, benches and windscreens, and electronic message signs. Sidewalks adjacent to the station will be reconstructed with new wheelchair ramps at major intersections. In addition to a brand new station, the Talbot Avenue and Woodrow Avenue railroad bridges will be also reconstructed. Construction is expected to be completed in early 2013.
For more information about this development and MHP's financing programs and features, contact Loan Officer Amanda Roe at 617-330-9944 x273.