Codman Square Neighborhood Development Corporation Preserves 21 Units of Affordable Housing, Adds 19 Units in Dorchester With MassDevelopment Bond
February 14, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Meg Reagon, Codman Square Neighborhood Development Corporation, 617-825-4224 ext. 137
MassDevelopment has issued a $10,165,755 tax-exempt bond to Talbot Commons I Limited Partnership, an affiliate of Codman Square Neighborhood Development Corporation (CSNDC). The organization will use bond proceeds to buy, renovate, and add new units to Talbot Station and Norfolk Terrace, two affordable multi-family housing facilities located near the Talbot Avenue MBTA station in Dorchester’s Codman Square. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with approval of federal low-income housing tax credits, which will provide approximately $7.3 million in equity for the project. East Boston Savings Bank purchased the bond.
At Talbot Station, located at 15 and 17 Mallard Avenue and 14 and 18 New England Avenue, CSNDC will renovate three units and construct an additional 15 units. At Norfolk Terrace, at nearby 207 Norfolk Street and 4, 5, and 6 Norfolk Terrace, CSNDC will renovate 18 units and construct an additional four units.
“Since 1981, the Codman Square Neighborhood Development Corporation has supported, advocated for, and created housing opportunities for the residents of South Dorchester and the Codman Square area,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to support the organization’s latest project, which will build and preserve 40 affordable homes in the community.”
The mission of the Codman Square Neighborhood Development Corporation is to build a better, stronger community in Codman Square and South Dorchester by creating housing and commercial spaces that are safe, sustainable, and affordable, promoting financial and economic stability for residents and for the neighborhood, and providing residents of all ages with opportunities and skills to empower themselves to improve their lives. Since its founding in 1981, Codman Square Neighborhood Development Corporation has developed about 1,400 housing units. Increasingly, over the past 15 years, its focus has been on transit-oriented, green, and sustainable development - including solar, water saving, and energy reduction - and the integration of health and housing. The organization has built more than 500 units of housing within a half-mile radius of the Fairmount Commuter Rail Line and was a leader in recognizing the importance of vibrant, transit-oriented urban villages where residents have access to public transportation, jobs, and supportive services.
“Codman Square NDC is pleased to work with MassDevelopment on financing for our Talbot Commons 1 Limited Partnership,” said Codman Square Neighborhood Development Corporation Executive Director Gail Latimore. “We look forward to bringing these 40 units of affordable housing that will bring much needed affordable housing to Dorchester, and are part of our anti-displacement strategy in the face of rapidly increasing housing costs. We look forward to continuing to work with our partners in the city and state to break ground this spring on this project.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.