MassDevelopment Bond Boosts Affordable Housing in Boston’s Dudley Square
January 28, 2013
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Jeanne Pinado, Madison Park Development Corporation, 617-849-6220
MassDevelopment has issued a $9 million tax-exempt bond on behalf of Dudley Greenville LLC, which will use bond proceeds to build 43 units of affordable multi-family rental housing on two sites in Boston’s Roxbury neighborhood. Madison Park Development Corporation, which develops and preserves mixed-income housing in Roxbury and promotes Dudley Square as a thriving business district, is the project sponsor. The two parcels are the last development sites of the Orchard Park HOPE VI initiative, which had helped to stabilize the area. Bank of America purchased the bond.
“This announcement is great news for Boston families and individuals looking for quality, affordable housing in the thriving Dudley Square neighborhood,” Mayor Thomas M. Menino said. “I want to thank MassDevelopment and Madison Park Development Corporation for their commitment to this project, and I look forward to continuing our work together.”
“Creating and preserving affordable housing is at the core of MassDevelopment’s mission,” said MassDevelopment President and CEO Marty Jones. “The Commonwealth has set an ambitious goal of 10,000 multifamily housing units a year, and Dudley Greenville will help meet that objective.”
The first site will house a five-story elevator building with 31 rental units – five one-bedroom, 21 two-bedroom, and five three-bedroom – and 3,000 square feet of commercial space on the ground floor. The second site will have a four-story walkup building with a two-bedroom unit and 11 three-bedroom units. Founded in 1966, Madison Park Development Corporation has created a model of resident-led community development, and has evolved to become a comprehensive agency promoting the full revitalization and redevelopment of Roxbury.
“This $18 million investment in Roxbury’s Dudley Square will transform two prominent vacant lots into modern buildings with 43 affordable, energy-efficient homes for low income families,” said Madison Park Development Corporation CEO Jeanne Pinado. “We applaud MassDevelopment and the many other public and private partners for the tremendous impact their investment will have on the community.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.