MassHousing Closes $ 35.3 Million Funding for Refinancing and Major Renovation of 78 Bancroft Dixwell Apartments in Boston

0


MassHousing has closed a $ 35.3 million affordable housing financing to Urban Edge for the refinancing and major renovation of the 78 Bancroft Dixwell Apartments in Roxbury and Jamaica Plain.

MassHousing has closed a $ 35.3 million affordable housing financing to Urban Edge for the refinancing and major renovation of the 78 Bancroft Dixwell Apartments in Roxbury and Jamaica Plain.   

Urban Edge will use the funding to make substantial renovations to the properties, investing approximately $ 17 million in property improvements. As part of the transaction, Urban Edge merges the 45 Bancroft Apartments and 33 Dixwell Apartments units, in Roxbury and Jamaica Plain, into a single, dispersed site entity.

“Bancroft Dixwell Apartments are an important source of affordable housing in Roxbury and Jamaica Plain, but need significant upgrades,” said Chrystal Kornegay, Executive Director of MassHousing. “MassHousing was pleased to partner with Urban Edge to ensure that these 78 rental units are modernized, to provide their residents with affordable rents and economic opportunities for many years to come. ”  

“Throughout Urban Edge’s history, MassHousing has been a reliable partner in our work to preserve and build new affordable housing in Roxbury, Jamaica Plain and beyond. Through our partnership, the 78 families living at Bancroft Dixwell will see significant improvements and upgrades to their homes where they can grow and prosper, while maintaining affordability, ”said Emilio Dorcely, CEO of Urban Edge .

MassHousing is providing Urban Edge with approximately $ 16.5 million in tax-exempt construction and ongoing financing and $ 18.8 million in bridge loan financing.

Other sources of funding include $ 22.7 million in federal housing tax credit funding for low-income individuals, $ 3.1 million in historic federal tax credit funding, $ 1.1 million $ in historic state tax credit financing and a seller’s note of $ 18.9 million. Enterprise Housing Credit Investments, LLCousing is the syndicator and investor of the tax credit.

Planned property improvements include replacing kitchens and bathrooms, replacing outdated heating systems, repairing or replacing failing building envelopes, new sprinkler systems in all buildings, and creating apartments. accessible. Construction is expected to be completed in the summer of 2023.

Bancroft Apartments consist of two, three and four bedroom apartments located in four low rise brick masonry buildings constructed in the early 20th century at two sites in Roxbury and Jamaica Plain. Dixwell Apartments consist of two and three bedroom apartments in four brick and wood frame buildings at three locations in Roxbury and Jamaica Plain. Six of the eight buildings are considered historic.

In total, there are 23 two-bedroom apartments, 53 three-bedroom apartments and two four-bedroom apartments. Of the 78 apartments, 75 are reserved for households whose income is equal to or less than 60% of the median income of the area (AMI) and three apartments are unrestricted. Forty-five of the apartments are supported by a federal Section 8 housing assistance payment contract, which will be extended for 20 years, and eight units are supported by the Massachusetts Rental Voucher Program. The MAI for Boston is $ 120,800 for a family of four.

The development team includes general contractor NEI General Contracting, architect Davis Square Architects, managing agent WinnCompanies, Construction Services Consulting Company of New England, Schwarzschild Consulting and Klein Hornig.


Share.

Comments are closed.