Tag: development

Massachusetts Sets Affordable Housing Preservation Record

Massachusetts preserved 4,397 units of affordable rental housing during 2015 – the most ever in a single year – according to data released yesterday by the Community Economic Development Assistance Corp. (CEDAC).

CEDAC is a public-private community development finance agency that provides financial and technical assistance to nonprofits involved in affordable housing development and preservation, agencies that promote workforce development and child care facilities that serve families in low-income communities.

CEDAC’s data shows that 5,259 total units from 38 project developments across the state were preserved using various types of state financing in 2015. The projects span the state and consist of large- and small-scale developments in both urban, suburban and rural communities.

“Preservation is a critical part of the affordable housing equation and a priority in the state,” Bill Brauner, CEDAC’s director of housing preservation and policy, said in a statement. “There are a variety of federal and state incentives available to support affordable housing in Massachusetts. It is quite an achievement for the commonwealth when more than 5,000 units of housing are preserved and it shows that many of our innovative tools are working effectively.”

SourceBanker & Tradesman

New Codman Square Rental Housing Project Now Underway

Construction has begun on the mixed-use Whittier Lyndhurst Washington Homes redevelopment in Codman Square. The multi-site project will represent a $20.1 million investment and create 44 units of affordable rental housing, according to Mayor Martin Walsh, who led a groundbreaking ceremony at the site on Tuesday.
Four Codman Square sites are being developed within the project, including the renovation of 15 units of public housing at the Whittier School site, 13 new units of affordable rental housing adjacent to the school on Darlington Street, and the renovation of eight units on Lyndhurst Street. The property at 472 Washington St. will include 1,000 square feet of commercial space, along with another eight new rental units.
“In Boston, we are committed to building a city that holds opportunity for every person and every family, no matter their background, age or financial status,” Mayor Walsh said. “I’m proud that the city’s investment in this project will help support new affordable rental housing for families and I want to thank the many partners who are working to help us achieve our housing goals.”
The Codman Square Neighborhood Development Corporation., which is leading the project, anticipates completing the first phase of the project this summer.
As the properties are part of the Talbot Norfolk Triangle Eco-Innovation District, the Talbot Norfolk Triangle Neighbors United group worked with the city to ensure compliance with the district’s green standards.
According to the mayor’s office, the Department of Neighborhood Development contributed $1.6 million to the Homes. Also providing funding were the state’s Department of Housing and Community Development, the Massachusetts Housing Partnership, the Community Economic Development Assistance Corporation, Local Initiatives Support Corporation, NeighborWorks America, RBC Capital Markets and Bank of America.

Http://www.dotnews.com/2016/new-codman-square-rental-housing-project-now-underway
© Copyright 2016 Jennifer Smith. All Rights Reserved

SourceDotNews

Walsh Says Boston Is On Track To Meet New Housing Goals

Boston Mayor Martin J. Walsh recently announced that according to the city’s quarterly housing report, Boston remains on target to meet the goal of creating 53,000 units of housing by 2030.
According to his Q1 2016 housing report, 565 new housing units were permitted this quarter, for a total of 17,183 units either permitted or completed since the launch of the administration’s housing plan, Housing a Changing City: Boston 2030, in October 2014.

“Our population is growing faster today than at any time in our city’s history, and I’m committed to making sure that Boston stays affordable by meeting the demand of our growing city,” Walsh said in a statement. “By working across multiple agencies, this administration is working every day to bring new units on line at a variety of income levels, and we are seeing results.”

According to the report, more than 3,000 new units, representing $1.4 billion in new investment, were approved by the city this quarter, resulting in an active development pipeline of 18,644 units of housing. In total, 35,808 new units of housing have either been completed or are in the development process.

The administration said there are more than 8,000 new units of housing currently being built in Boston. The mayor’s office said that represents more construction employment in the housing sector than at any time in the last 20 years.

By the end of Q1 2016, enough new housing had been completed to house 20,237 new Bostonians. Completions are now exceeding projected population growth. In the last year, enough housing came on line to house 5,900 people, while the Metropolitan Area Planning Council’s projection for population growth is 4,590 people per year.

The report said rents are rising across the board, but two-bedroom apartments in older buildings (those built prior to 2011) are only up 3 percent. Studio rents are up 13 percent and one-bedroom rents are up 9 percent.

Certain neighborhoods across the city may also be seeing slower rental pricing growth in existing stock: in Back Bay/Beacon Hill, Mattapan, the South End and the Central district, rents have only risen by one to 2 percent since 2014, according to the report.

SourceBanker & Tradesman

HAPHousing awarded funds for Northampton Lodging Development

NORTHAMPTON — HAPHousing has recently been awarded affordable housing resources by the Massachusetts Department of Housing and Community Development, to be used for HAP’s Live 155 development at the Northampton Lodging site downtown, according to a news release.
The awards were recently announced at an event at Tribune Apartments in Framingham, a historic 53-unit complex for the elderly that also received funds for building rehabilitation and is part of a $21 million grant statewide for affordable housing. Live 155 will consist of 70 studio and one-bedroom apartments and 2,800 square feet of retail space on Pleasant Street.
The cost for construction of the building is estimated at $14 million. The Community Economic Development Assistance Corporation provided HAPHousing a $1.6 million acquisition loan and an $800,000 pre-development loan.
The City of Northampton had awarded $300,000 in Community Preservation Act (CPA) funding and $150,000 in Community Development Block Grant (CDBG) funding to the project. Easthampton Savings Bank has been selected as the construction and permanent lender for the project. HAPHousing plans to commence building demolition and construction in September and complete the project in late 2017.

Sourcemasslive

IBA To Renovate South End Residences

Boston-based nonprofit affordable housing agency Inquilinos Boricuas en Acción (IBA) has obtained $1.3 million in financing to renovate the 11-unit Residencia Betances in Boston’s South End.
The housing development containing 11 single-room units on Shawmut Avenue serves low-income individuals with mental health issues. IBA will upgrade the property’s brownstone exterior, individual units and common areas.
Financing was provided by the Department of Housing and Community Development’s Housing Preservation Stabilization and Facilities Consolidation fund and the Community Economic Development Assistance Corp. Renovations began in January and are expected to be completed in the fall.
IBA developed the Residencia Betances in 1993 to serve Spanish-speaking residents who are former homeless clients of the Department of Mental Health. The agency collaborates with the DMH on support services, including full-time bilingual staff.
“We want all of our community members to live in an atmosphere that provides the best care and supportive services so they can live quality lives, and this renovation will achieve that,” IBA CEO Vanessa Calderon-Rosado said in a statement.
IBA was founded in 1968 by a group of Puerto Rican activists to preserve affordable housing in the South End.
The Boston Housing Authority in December selected IBA to renovate 146 affordable housing units located in 24 townhouses on West Newton and Rutland streets.

SourceBanker & Tradesman

MassHousing Funds Improvements On Roxbury, Chelsea Affordable Housing Properties

MassHousing has arranged financing to improve two Boston-area apartment complexes and maintain their affordability.
The 90-unit Cleaves Court and Dimock Bragdon Apartments in Roxbury will receive $16.9 million in financing.
Cleaves Court was originally built in the late 1890s on Cleaves Street and consists of adjacent, 3-story buildings containing eight one-bedroom apartments, 20 two-bedroom apartments and eight three-bedroom apartments. Urban Edge has owned the property since 1985.
Dimock Bragdon was built in 1900 and consists of seven contiguous buildings on Columbus Avenue containing four one-bedroom apartments, 25 two-bedroom apartments and 25 three-bedroom apartments. Urban Edge has owned this property since 1982.

Cleaves Court
Among the property improvements planned are the installation of groundwater infiltration systems to address flooding at both locations, upgrades to building systems, upgrades to fire systems, masonry repairs, roof and window replacement, the venting of kitchen range hoods and bathroom fans and some kitchen and bathroom renovations.
All of the apartments are covered by federal Section 8 Housing Assistance Payment contracts.
Additionally, the 71-unit Chelsea Square apartments in Chelsea will receive $5.1 million in MassHousing financing.
Chelsea Square Assoc., which owns Chelsea Square, is refinancing the property and will extend the federal Section 8 Housing

Chelsea Square Apartments
Assistance Payment contact on the 71 apartments for 20 years.
Constructed in the early 1900s, Chelsea Square is located on Broadway in Chelsea and is comprised of two 4-story buildings and nine 3-story buildings containing 56 one-bedroom apartments and 15 two-bedroom apartments. The management agent is Trinity Management.
The $5.1 million MassHousing loan was provided through the U.S. Department of Housing and Urban Development’s Multifamily Accelerated Processing/Ginnie Mae Mortgage Backed Securities program.

SourceBanker & Tradesman

TND Upgrades Affordable Housing Situation In Chelsea, Revere Through MassDevelopment Funds

MassDevelopment has issued a $5.825 million bond to fund an affordable housing project in Chelsea and Revere.

The Neighborhood Developers (TND), the project’s sponsor, is using bond proceeds to acquire and renovate 21 units of affordable multifamily rental housing in Chelsea and 17 units of affordable multifamily rental housing in Revere. The developer has constructed 10 rental units for formerly homeless veterans, seven units for formerly homeless families and also is now building four affordable multifamily rental units for at-risk young parents in Chelsea.

Renovations include replacing mechanical systems and windows, electrical work and repairing exterior masonry and roofs. These homes are expected to remain affordable for a minimum of 50 years.

SourceBanker & Tradesman

44-Story Apartment Tower to Replace Garden Garage

Boston officials approved a controversial proposal by Equity Residential to build 470 apartments on the site of the 650-space Garden Garage in the West End.
The 44-story tower at 35 Lomasney Way will become the city’s second-tallest apartment building, trailing the 45-story Government Center garage residential tower set to break ground this spring.
In 2011, Equity Residential filed plans to build two residential towers topping out at 310 and 240 feet containing 500 housing units with an 850-space underground garage. After neighbors including residents of the Amy Lowell Apartments objected to the height and density of the development, Equity Residential submitted revised plans in October 2014 for a single 465-foot-tall tower containing 486 units. It reduced the parking allotment from 850 to 830 spaces and finally to 775 spaces.
After tabling a vote at its previous meeting, the Boston Redevelopment Authority board of directors voted in favor of the project, now reduced by another 16 units, on Thursday.
As conditions of approval, Equity Residential will pay $8 million to satisfy affordable housing creation goals under the city’s inclusionary development policy. It also will contribute $1 million for transportation improvements in the neighborhood.
The development has reopened old wounds in the West End, where some residents still lament the slum clearance schemes of the late 1950s that razed thousands of tenements to make way for master-planned housing projects and highways. At a ceremony last fall launching a new West End Museum exhibit on urban renewal, BRA Director Brian Golden apologized to residents for the agency’s past conduct.
The Garden Garage project is part of an 8-million-square-foot wave of development transforming the neighborhoods around North Station and the Bulfinch Triangle.
Boston-based Trinity Financial is nearing completion of One Canal, a 12-story, 320-unit apartment complex on a parcel leased from the Massachusetts Department of Transportation at Canal and New Chardon streets.
AvalonBay Communities is expected to complete its 38-story, 503-unit Avalon North Station tower next to the TD Garden by year’s end.
Boston-based Related Beal broke ground this month on a 220-room Courtyard by Marriott hotel and 239-unit workforce housing project on land leased from MassDOT at Causeway and Beverly streets.
And after gaining final city approvals last month, HYM Investment Group and National Real Estate Advisors are set to begin construction this spring of a 45-story, 486-unit apartment tower in the first phase of the $1.5 billion Government Center Garage redevelopment.

SourceBanker & Tradesman

Asian Community Development Corporation Completes Rehabilitation

Asian Community Development Corporation (ACDC), a 27-year old nonprofit organization serving the Asian American community of greater Boston, has just completed the rehabilitation of Tremont Village, a 20-unit low-income apartment building at the border of Chinatown and Bay Village. An open house was held at the property, on August 18.
“This rehabilitation project preserves an important affordable housing asset and allows low-income families to remain in Chinatown and access the amenities, services and opportunities this community offers,” said Janelle Chan, executive director of Asian Community Development Corporation. Owned by the state Department of Housing and Community Development (DHCD), Tremont Village consists of 20 state public housing units originally constructed in 1987. ACDC was selected by DHCD as the redeveloper for Tremont Village through a 2010 RFP.
“DHCD is pleased with the work ACDC has done to rehabilitate and preserve affordable housing in Chinatown,” said Department of Housing and Community Development undersecretary Chrystal Kornegay. “Retaining low income access to neighborhoods and communities is an essential part of DHCD’s mission, and Tremont Village will ensure that families from across the income spectrum can participate in the neighborhood’s continued growth and development.”
ACDC undertook renovations to address life-safety and quality-of-life issues, as well as improve the energy efficiency of the property, in order to preserve these affordable housing units for low-income residents. The building includes four two-bedroom units and 16 three-bedroom units.
This project was financed by DHCD, MassDevelopment, Boston Private and Massachusetts Housing Investment Corporation. Predevelopment financing was provided by the Community Economic Development Assistance Corporation (CEDAC).
“The renovation of 20 affordable units will continue to provide high-quality options for those who might otherwise struggle to find good places to live in Boston’s tight housing market,” said MassDevelopment president and CEO Marty Jones. “MassDevelopment is thrilled to work with private and public partners to help to meet vital community needs and congratulates the Asian Community Development Corporation for its leadership in housing preservation.”
“We are pleased to support the important work ACDC is doing to address the need for affordable housing in the community,” said George Schwartz, president of Boston Private. “Investing in low- and moderate-income housing is a key part of our business strategy, and the kind of opportunity that we actively seek out, especially with experienced developers like ACDC. We value our partnerships with those that share our commitment to active participation in projects that have a real impact on the communities in which we work and live.”
“MHIC was pleased to provide critical financing generated from the use of low-income housing tax credits to preserve this affordable housing for families and to further the revitalization of this vibrant Boston neighborhood,” said Joe Flatley, president of Massachusetts Housing Investment Corporation.
“The Asian Community Development Corporation has a strong track record of producing quality affordable housing for the community,” said Roger Herzog, executive director of the Community Economic Development Assistant Corporation (CEDAC). “Tremont Village is their first preservation project and CEDAC is proud to have supported it in its early stages with a loan of $300,000. We are also pleased that the completed project will maintain the affordability of 20 units of quality housing for low income residents living in Boston’s Chinatown and Bay Village neighborhoods, who are facing increasing financial pressures in a neighborhood that is becoming ever-more expensive.”
The project team included Davis Square Architects, Pinck & Company and Page Building Construction.

About Asian Community Development Corporation
Asian Community Development Corporation (ACDC), a 27-year old community-based non-profit organization, serves the Asian American community of Greater Boston, with an emphasis on preserving and revitalizing Boston’s Chinatown. ACDC develops physical community assets, including affordable housing for rental and ownership; promotes economic development; fosters youth leadership development; builds capacity within the community and advocates on behalf of the community. ACDC has developed over $110 million in mixed-use real estate that is home to over 900 residents in Boston and Quincy, and provides housing counseling and homebuyer workshops throughout the year. For more information, visit www.asiancdc.org.

http://sampan.org/2015/08/asian-community-development-corporation-completes-rehabilitation-of-tremont-village-and-preserves-affordable-housing-in-chinatown/

SourceSampan

Worcester affordable housing developments to get $115,000 boost

Two affordable housing developments in Main South and in downtown Worcester are set to receive a total of $115,000 in financing from the Community Economic Development Assistance Corporation (CEDAC).

The CEDAC recently approved $50,000 for an affordable housing residence on Kilby Street and $65,000 for the renovation of the Abby Kelley Foster House on High Street.

The money for the Kilby Street residence is going to the Main South CDC, which acquired a 100-year-old building on the street in August 2014 with plans to renovate the four-story home to create nine affordable rental units, including two accessible units reserved for homeless veterans.

“This project will complement the important revitalization taking place with the Kilby-Gardner-Hammond Revitalization project,” said Roger Herzog, CEDAC’s executive director, in a press release. “We are proud to continue to support the strong efforts of Main South CDC in their work in this neighborhood.”

The money going to Abby Kelley Foster House, more commonly known as Abby’s House, will renovate their building at 52 High St., which operates a 54-unit single room occupancy residence for women who are homeless, battered or low-income. The building also includes a thrift shop, program space, service offices, and Abby House’s Women’s Center. Abby’s House plans to replace building systems, add an elevator, and reconfigure the communal kitchen and bath facilities to improve building accessibility.

“Abby’s House has faithfully served at-risk women and children for nearly 40 years,” Herzog said. “The renovations planned for this location will enable the organization to continue to serve some of Worcester’s most vulnerable individuals for many decades to come.”

SourceMass Live