$13M Preserves Affordable Housing In Boston
Codman Square Neighborhood Development Corporation uses tax-exempt bonds from MassDevelopment and Eastern Bank to renovate and preserve affordable housing in Boston's Dorchester and Mattapan neighborhoods
February 11, 2022 : Vocero Hispano
BOSTON, MA – MassDevelopment issued a $13,282,012 tax-exempt bond in the name of Codman Orlando Waldeck LLC, an affiliate of Codman Square Neighborhood Development Corporation (CSNDC), which will use the proceeds to buy, renovate and equip a 59-unit affordable home complex in the neighborhoods of Dorchester and Mattapan of Boston. Renovations planned for Walando Homes, built in the 1960s, add up to a total of $126,670 per unit and includes new kitchens, baths, mechanical systems, windows and finishes, and upgrades to home security systems life. Eastern Bank bought the bond.
The Walando Homes Complex consists of nine buildings at two locations: Waldeck Street in Dorchester features one-bedroom units for the formerly homeless with services of support from Boston Medical Center, Codman Square Health Center and the
Department of Public Health Massachusetts, and Orlando Street in Mattapan has units of the type studio, one and two bedroom family oriented. Fifty and eight units are rented to households earning up to 60% of income area median ($72,500 for a household of four) and one unit is rented at market rate.
“Preserving existing affordable units is a key component of our strategy to address the long-standing housing crisis data from the state,” said Secretary Housing and Economic Development, Mike Kennealy, who serves as Chairman of the Board of Directors of MassDevelopment. "Thanks to tax-exempt financing of MassDevelopment, we can support important efforts to improve and modernize these facilities, improve the quality of life of residents and maintain stability of housing in these neighborhoods.”
“The state’s housing crisis, exacerbated by the pandemic, makes that it is essential that the partners public, private and non-profit work together to preserve the existing affordable housing units whenever possible,” said the president and CEO of Mass Development, Dan Rivera. "MassDevelopment is pleased to help Codman Square Neighborhood Development Corporation as it goes through renovations important in Walando Homes".
“Safe and affordable housing is essential for all people prosper, and we are happy to provide our expertise in loans and financing for support this project,” said Johanna Stone, vice president and manager of relationships in loans for the eastern community development Bank. “The Walando Homes complex will provide critical housing and services support for families and individuals low-income, and we appreciate especially to MassDevelopment and Codman Square Neighborhood Development Corporation for their leadership in preserving affordable housing in Boston neighborhoods.”
In addition to the tax-exempt bond, MassDevelopment helped the Department of Housing and Massachusetts Community Development with the approval of federal housing tax credits low-income families that will provide approximately $6.6 million in capital for the project.
"We are very happy to able to keep residents in their homes in Mattapan and Dorchester," said Boston Mayor Michelle Wu. "Work at 59 units in the Walando development shows that, in addition to new housing, it is so to preserve existing housing to keep tenants in their homes. We thank our partners in Codman Square NDC and MassDevelopment for their help in making this important work a reality.”
In the fall of 2021, Codman Square Neighborhood Development Corporation (CSNDC) held his fortieth year in the service of Codman Square and South Dorchester. Their mission is to build a community cohesive and resilient in Codman Square and South Dorchester, develop affordable housing and commercial spaces that are safe and sustainable, and promote economic stability for low income residents and moderate of all ages.
"In 2016, Codman Square Neighborhood Development Corporation (CSNDC) acquired this property in bankruptcy court distress With the strong support of the defense of existing tenants who need safe and healthy housing," said Gail Latimore, executive director of Codman Square Neighborhood. Development Corporation. "Partly because of the support, the judge granted the property to CSNDC to adapt the codes to the buildings and ensure that residents have a stable, affordable and sure. We receive funds from MassDevelopment, funding sources state and municipal to acquire, renovate and improve the complex 59-unit affordable housing. The planned renovations of the buildings began in the fall of 2021 and we expect to complete the rehabilitation by mid-2023.”
MassDevelopment has supported previously to Codman Square Neighborhood Development Corporation. In 2020, MassDevelopment awarded a $500,000 grant from the Redevelopment of Brownfields for help CSNDC assess and remediate three adjoining plots of land for allow development of Four Corners Plaza, a proposed 35-unit affordable housing development. In 2019, MassDevelopment awarded a $350,000 grant from the Fund for Redevelopment of Brownfields for help CSNDC assess and remediate an old repair shop of cars for reuse future as mixed use and income mixed.