MassDevelopment Bond Preserves 56 Units of Affordable Housing in Dorchester
September 29, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 857-283-3340 (cell)
Perry Newman, Dorchester Bay Economic Development Corporation, 617-533-9551 (office)
MassDevelopment has issued an $8,260,000 tax-exempt bond on behalf of Dudley Terrace Apartments, LLC, an affiliate of the Dorchester Bay Economic Development Corporation, which will use bond proceeds to buy and renovate Dudley Terrace, a 56-unit affordable multifamily rental housing facility in Boston’s Dorchester neighborhood. In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $4.7 million in equity for the project. Boston Private Bank purchased the bond.
“The COVID-19 pandemic has elevated the critical importance of housing security both here in Massachusetts and beyond,” said MassDevelopment President and CEO Lauren Liss. “We’re proud to help Dorchester Bay Economic Development Corporation buy, renovate, and preserve the affordability of 56 housing units in Dorchester.”
The Dorchester Bay Economic Development Corporation is a community development corporation founded by local civic associations in 1979 to address the problems of economic disinvestment, unemployment, crime, community tensions, and the shortage of quality affordable housing in Boston’s Dorchester neighborhood. Over the last 40 years, the organization has worked in partnership with local leaders and stakeholders to build and preserve 1,100 units of affordable housing and more than 200,000 square feet of commercial space, engage residents in community life, and support a robust economy through small business support and economic development.
Dudley Terrace consists of 10 one-bedroom units, 34 two-bedroom units, and 12 three-bedroom units. Planned renovations include building envelope repairs and upgrades, life safety improvements, updates to all units and common areas, new windows, and new roofs.
“Safe, healthy, stable and affordable housing is essential to community and individual stability, but it is particularly urgent now during the coronavirus pandemic,” said Dorchester Bay Economic Development Corporation CEO Perry B. Newman. “Dorchester Bay’s commitment to our community and to equity is reflected in this project. There is no more important work we can be doing at this time, and we are grateful for the support of MassDevelopment that enables us to do it.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.