Tag: DBEDC

Dorchester Bay Project Receives Funding from State to Preserve Affordable Housing in Uphams Corner

Governor Charlie Baker announced Dorchester Bay Economic Development Corporation (DBEDC) as one of 28 state-wide recipients of the 2019 Affordable Rental Housing Awards. The award will support the renovation of Dudley Terrace Apartments, a 56-unit affordable housing development in Boston’s Dorchester neighborhood. The project will include funding from the Department of Housing and Community Development (DHCD) with Low Income Housing Tax Credits (LIHTC), subsidy funds, and additional local funding from the City of Boston. Community Economic Development Assistance Corporation (CEDAC) has provided critical pre-development support for the project.

The rental units located in four scattered-site buildings on Dorchester Avenue, Massachusetts Avenue, Roach Street, and Dudley Terrace offer 56 units of affordable rental housing to households earning less than 60% of AMI. Twenty units are further restricted for extremely low-income households earning less than 30% of AMI, including formerly homeless households. Three units will be set aside for residents who receive services from the Department of Mental Health.

Dorchester Bay is committed to serving Dorchester’s low-income residents and expanding affordable housing opportunities. The renovation of Dudley Terrace Apartments is in keeping with Dorchester Bay’s commitment to ensuring that Dorchester residents can remain and thrive in their neighborhoods.

“Dorchester Bay is committed to preserving Dudley Terrace Apartments as high-quality, affordable homes into the future. Of particular importance, this funding will improve the air quality and comfort of residents by improving ventilation, windows, and building envelopes. Not only are these homes affordable, but they are close to public transportation and jobs – important factors for residents,” said K. Beth O’Donnell, Director of Real Estate Development at Dorchester Bay Economic Development Corporation.

About Dorchester Bay Economic Development Corporation
Dorchester Bay Economic Development Corporation (DBEDC) is a community development corporation founded by local civic associations in 1979 to address the problems of economic disinvestment, unemployment, crime, community tensions and the shortage of quality affordable housing undermining Boston’s Dorchester neighborhoods. Over the last 40 years, we have worked in partnership with local leaders and stakeholders to build and preserve 1,100 units of affordable housing and over 200,000 square feet of commercial space, to engage residents in community life, and to support a robust economy through small business support and economic development. The structures we have built are physical manifestations of our work, but at its core, our work is about strengthening our community, which is made up of the people who live and work in our neighborhood.

For more information, visit the DBEDC website at www.dbedc.org, follow us on Twitter @dbedc, like us on Facebook, connect with us on LinkedIn, and subscribe to our email list.

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SourceDorchester Bay Economic Development Corporation

JPMorgan Chase Commits $100,000 to Develop an Equitable Neighborhood Plan in Upham’s Corner, Boston to Drive Economic Opportunity

JPMorgan Chase & Co. announced a $100,000 planning grant to a Boston-based collaborative team, Pathways Home, to create economic opportunity in Upham’s Corner through an effort to maximize equity as the area undergoes rapid transformation. As part of the firm’s $125 million, five-year Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) Competition, the Pathways Home team, consisting of Dorchester Bay Economic Development Corporation, Blue Hub Capital (formerly Boston Community Capital), Boston Medical Center, Community Economic Development Assistance Corporation (CEDAC), and the Corporation for Supportive Housing will develop an equitable neighborhood plan for the rapidly changing Upham’s Corner neighborhood of North Dorchester.

With equitable and inclusive economic growth at the heart of the strategy, JPMorgan Chase recognizes the importance of having a plan in place to develop and drive equitable outcomes for families, businesses, and communities. That’s why this year’s PRO Neighborhoods competition included planning grant opportunities for local leaders to identify the greatest needs facing their communities and develop data and community-driven neighborhood plans—14 planning grant winners received $1.8 million this year in addition to the four capital grant winners in Fresno, Milwaukee, New Orleans and Philadelphia.

“We are proud to make an investment that will strategically bring local partners together to push for positive change in Dorchester’s Upham’s Corner,” said Rick MacDonald, New England region manager for JPMorgan Chase Commercial Banking. “This investment will help give organizations the means to put ideas on paper and develop a blueprint of economic growth.”

PRO Neighborhoods provides the necessary capital to local community development financial institutions (CDFIs) to address the drivers of economic opportunity in neighborhoods. These CDFIs work together to pool resources and expand lending activities for building health and education facilities, open retail centers and support community services in area neighborhoods.

The Pathways Home team intends to work with area residents and key neighborhood partners in developing their plan.

“We are thrilled at the opportunity afforded to us and our partners to make a contribution to equitable development and real economic opportunity in Upham’s Corner,” said Perry B. Newman, CEO of Dorchester Bay Economic Development Corporation on behalf of the Pathways Home team. “The area is undergoing an exciting and rapid transformation, and it is essential that local stakeholders and partners work together to ensure that the development of this community is equitable and provides stability as well as an opportunity for all residents. Through an equitable development planning process, we can help to make that a reality.”

Measuring the Impact of PRO Neighborhoods

JPMorgan Chase has hosted five competitions to-date, awarding more than $98 million to 25 groups of collaborating CDFIs in communities across the country – work that’s highlighted in a new progress report by the Joint Center for Housing Studies of Harvard University. Among other highlights, the report found that the winners of the first three competitions leveraged JPMorgan Chase’s nearly $68 million in support to raise an additional $717 million in outside capital, issued over 21,000 loans to low-to-moderate income customers, and created or preserved over 3,000 affordable housing units and 11,000 quality jobs.

Visit www.jchs.harvard.edu to learn more about this work.

About Pathways Home

The Pathways Home Collaborative is committed to equitable and holistic community development in Boston. Dorchester Bay Economic Development Corporation is the convener for the PRO Neighborhoods planning on behalf of the Dorchester Bay Neighborhood Loan Fund (DBNLF). BlueHub Capital will provide flexible, patient financing for a range of projects. Corporation for Supportive Housing will bring experience in collaborations for population-specific housing development. Community Economic Development Assistance Corporation offers strong expertise in state funding and holistically-minded community development. Boston Medical Center can provide direct services, research and finance to act on its belief that housing is a prescription for health.

More information about the organizations in the collaborative can be found at:

Dorchester Bay Economic Development Corporation www.dbedc.org

BlueHub Capital www.bluehubcapital.org

Corporation for Supportive Housing www.csh.org

Community Economic Development Assistance Corporation www.cedac.org

Boston Medical Center www.bmc.org

About JPMorgan Chase

JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional, and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. Follow JPMorgan Chase on Twitter@JPMorgan or @Chase and Facebook.

 

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SourceDorchester Bay Economic Development Corporation