July 17, 2013
Loans to support new affordable housing, classroom space in Dorchester
By Patrick D. Rosso, Town Correspondent
DORCHESTER – Two loans from the Community Economic Development Assistance Corporation totaling $940,000 were recently awarded to area real estate development organizations to support the creation of housing and classroom space in Dorchester, according to the agency.
Viet AID, a Fields Corner non-profit, will use a $665,000 loan to acquire land and develop affordable housing in the Four Corners neighborhood. The site, which is currently home to an auto body shop and nine vacant city-owned parcels, will eventually be turned into 35 residential units and 3,000 square-feet of ground floor retail space. Nine of the project’s units will be reserved for formerly homeless families.
“Viet AID is truly working hard to provide Dorchester with the basic building blocks of a strong community,” Roger Herzog, executive director of Community Economic Development Assistance Corporation, said in a statement. “CEDAC is happy to support Viet AID as it increases housing and child care opportunities in Dorchester, and provides formerly homeless families the necessary services and support they need.”
Viet AID also received a $150,000 loan from the Children’s Investment Fund, a Community Economic Development Assistance Corporation affiliate, to convert vacant office space in the Vietnamese Community Center in Fields Corner into classroom space.
The Dorchester Bay Economic Development Corporation also received $125,000 as part of the loan. The Uphams Corner based real estate development agency will use the funds to renovate its Cottage Brook property in Dorchester’s Uphams Corner neighborhood.
Consisting of 19 buildings, renovations to the development include energy efficiency improvements.
“In Dorchester Bay EDC, we see an experienced community development corporation that is capable of managing complex housing development projects,” Herzog said. “The availability of affordable housing options in this area is vital to the community’s growth and development. I am confident that through the efforts to improve and preserve the Cottage Brook property, DBEDC’s continued efforts will benefit the Dorchester community.
—
© 2013 NY Times Co.
URL: http://www.boston.com/yourtown/news/dorchester/2013/07/hold_loans_to_support_new_affordable_housing_and_classroom_s.html