Quincy Affordable Housing Community Purchased

The Asian Community Development Corp. (ACDC) of Greater Boston has purchased Martensen Village, a 12-unit affordable housing community in Quincy. The Massachusetts Department of Housing and Community Development (DHCD) and MassHousing assisted the company in financing and preserving the affordability of all the units for at least 40 years.

DHCD provided $1.7 million in 13A preservation financing, HOME funds from the city of Quincy, a $561,941 redevelopment loan from the Community Economic Development Assistance Corp. and a $15,970 capitalized 13A payment grant from MassHousing make up the financing for the community.

The funds will be used to make immediate repairs of the community, with a permanent financing transaction also helping future rehabilitation of the property, as well as preserving affordability of the units.

“ACDC is excited about this opportunity to preserve an important affordable housing asset, and this project complements our existing housing and civic engagement work in Quincy. We are grateful for the partnership with DHCD and MassHousing, and we look forward to working with the city of Quincy and CEDAC to complete essential renovations at Martensen Village to ensure the property’s long-term viability,” ACDC Executive Director Angie Liou said in a statement.

SourceBanker & Tradesman