MassDevelopment Bond Helps Transform Former Roxbury Grocery Store into Affordable, Market-Rate Housing
May 10, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Angel Babbitt Harris, Madison Park, 617-849-6227
|Rendering courtesy of DHK Architects Inc.|
MassDevelopment has issued a $9.5 million tax-exempt bond on behalf of Madison Williams LLC, an affiliate of the Madison Park Development Corporation, to rehabilitate the former Tropical Foods Supermarket at 2101 Washington Street in Boston’s Roxbury neighborhood into 30 units of mixed-income housing and ground floor retail. Sixteen of the units will be rented to households earning no more than 60 percent of the area median income, five units at 70 percent AMI, and nine at market rate. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided about $2.7 million in equity for the project. Eastern Bank purchased the bond.
“Madison Park’s work in the Tropical Parcel 10 redevelopment has been transformative for the neighborhood,” said MassDevelopment President and CEO Marty Jones. “Providing a variety of housing for the Commonwealth’s residents is a top MassDevelopment priority, and we’re pleased to once again support Madison Park in its crucial community development efforts.”
“Eastern Bank is proud to support the work of Madison Park once again,” said Eastern Bank Senior Vice President Gary Leach. “Massachusetts is fortunate to have strong experienced community development groups like Madison Park. Supporting their development efforts is a key priority for Eastern Bank.”
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. MassDevelopment has issued bonds on behalf of other Madison Park projects such as St. Botolph Terrace, Dudley Greenville, and Madison Park IV.
“Affordable housing is vital to overall community success,” said Madison Park Development Corporation CEO Jeanne Pinado. “We’re proud of 2101 Washington, our first mixed income rental development in Dudley Square.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.