MassDev Bonds Finance Roxbury Affordable Housing Facility

MassDevelopment has issued $9.4 million in bonds for Walker Park, a project from the Urban Edge Housing Corp., a community development organization in Roxbury.

Urban Edge will use bond proceeds to build Walker Park, a 49-unit affordable rental housing facility in the Egleston Square section of Roxbury. Urban Edge will demolish a blighted building and revitalize two blighted lots to make way for the construction of two buildings that will house the rental units. Eight of the units will be available to households earning 30 percent of the area median income and to homeless individuals and families, and the remaining 41 units will be available to households earning no more than 60 percent area median income. MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income housing tax credits that will provide $5.8 million in equity for the project. Bank of America purchased the bonds.

“Building sustainable housing options for Massachusetts residents is a central tenet of MassDevelopment’s mission,” MassDevelopment Executive Vice President of Finance Programs Laura Canter said in a statement. “We are proud to lend our support to the Walker Park project, which will revitalize a formerly underused parcel of land and provide affordable housing options for this vibrant, diverse Boston neighborhood.”

Urban Edge Housing Corp. is a national leader in the community development field. With its heart in Boston’s culturally and economically diverse Egleston and Jackson squares, Urban Edge works with others across the city of Boston and region to promote high-quality, sustainable and affordable communities.

“We are grateful for the support from MassDevelopment for the Walker Park project,” Urban Edge CEO Frank Shea said in a statement. “The development will provide families living in Egleston Square access to 49 new units of quality affordable housing and services while also revitalizing the neighborhood by renovating blighted properties. We thank MassDevelopment for its support and we look forward to the completion of the project.”

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MassDev Bonds Finance Roxbury Affordable Housing Facility

by Banker & Tradesman time to read: 1 min