A VietAID led housing development on Washington Street, recently received a financial boost from the Community Economic Development Assistance Corporation.
The private-public community development finance institution provided VietAID, a Fields Corner-based community development non-profit, with a $600,000 predevelopment loan to support its Upper Washington/Four Corners Project.
“The Boston neighborhoods of Jamaica Plain and Dorchester each have a range of very distinct affordable housing challenges,” Roger Herzog, executive director of Community Economic Development Assistance Corporation, said in a statement. “Given the growing needs of each of these communities, CEDAC is proud to partner with organizations with proven track records to improve and create more high quality housing options for lower income residents and those in need.”
The $10-million project, which is expected to break ground in late-2014, will construct two buildings for commercial space and 35 residential units.
The first building, located at 331 Washington St., will be three stories and house 13 of the units, in addition to 675-square-feet of ground floor retail space.
The second building, located at 324 Washington St., will be four stories and house 22 units and 2,000-square-feet of ground floor retail space.
The units will include four one-bedroom residences, 21 two-bedroom residences, and 10 three-bedroom residences. Nine of the units are expected to be set aside for formerly homeless families.
The project will also include 15 parking spaces at 331 Washington St. and 10 spaces at 324 Washington St.
Overall 10 separate parcels will be used for the project, with a total project area of approximately 30,400 square-feet. The project will also utilize a former auto body site, which was purchased by VietAID with a $450,000 acquisition loan provided by the Community Economic Development Assistance Corporation.
The project was approved by the Boston Redevelopment Authority in October and wasapproved by the Zoning Board of Appeals in December.
For a copy of the Project Notification Form click here