Boston – 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% of the area median income, five units at 70% 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.
