State bond will create new, affordable housing in Boston’s Chinatown
April 5, 2023 : The Center Square, Brent Addleman
Housing creation is the focus of a new state bond issued in Boston.
MassDevelopment will be directing $25,978,000 in the form of a tax-exempt bond that will be utilized to construct an 85-unit affordable rental housing structure in the Chinatown neighborhood.
“A key piece to solving the state’s housing crisis is reimagining underutilized spaces and recognizing the development potential of such properties,” MassDevelopment president and CEO Dan Rivera said in a statement. “Beacon Communities and the Chinese Consolidated Benevolent Association of New England are doing just that to deliver 85 affordable apartments in Boston’s Chinatown neighborhood.”
The building, according to a release, will be named 288 Harrison Residences and built on a surface parking lot serving the Tai Tung Village affordable housing community.
The bond, according to the release, will be granted to Harrison Affordable LLC, which is an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England.
According to a release, the new housing construction will create 30 one-bedroom units, 40 two-bedroom units, and 15 three-bedroom units. Of those units, 22 are being held for households who earn up to 80% of the area median income, which is set at $111,850 for a four-person home. Plus, 18 units will be held for those earning up to 60% of the area median income, 28 units for those earning up to 50% of the median income, and 17 are being held for those earning up to 30% of the median income.
MassDevelopment, according to a release, provided assistance to the state’s Department of Housing and Community Development with gaining approval of federal low-income housing tax credits to kick $22.7 million in equity to the project.
"Preserving housing in the Chinatown neighborhood is of the utmost importance," Boston Mayor Michelle Wu said in a statement. "The transformation of a parking lot into affordable housing is critical to ensuring that future generations of residents can continue to call this neighborhood home.”