Boston – MassHousing has closed on $35.3 million in affordable housing financing to Urban Edge for the refinancing and extensive renovation of the 78-unit Bancroft Dixwell Apartments in Roxbury and Jamaica Plain.
Urban Edge will utilize the funding to make renovations to the properties, investing approximately $17 million in property upgrades. As part of the transaction, Urban Edge is merging the 45-unit Bancroft Apartments, and the 33-unit Dixwell Apartments, in Roxbury and Jamaica Plain, into one scattered-site unit.
Among the property improvements planned are the replacement of kitchens and bathrooms, replacement of obsolete heating systems, repair or replacement of failing building envelopes, new sprinkler systems to all the buildings, and the creation of accessible apartments. Construction is expected to be completed in the summer of 2023.
There are 23 two-bedroom apartments, 53 three-bedroom apartments and two four-bedroom apartments. Of the 78 apartments, 75 are restricted to households earning at or below 60% of the Area Median Income (AMI) and three apartments are unrestricted. There are 45 apartments that yare 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 AMI for Boston is $120,800 for a family of four.
MassHousing is providing Urban Edge with approximately $16.5 million in tax-exempt construction and permanent financing and $18.8 million in bridge loan financing. Other financing sources include $22.7 million in federal Low Income Housing Tax Credit financing, $3.1 million in federal Historic Tax Credit financing, $1.1 million in state Historic Tax Credit financing, and an $18.9 million seller note. Enterprise Housing Credit Investments, LLCousing is the tax credit syndicator and investor.
The development team includes general contractor NEI General Contracting, architect Davis Square Architects, management agent WinnCompanies, Construction Services Consultation Company of New England, Schwarzschild Consulting, and Klein Hornig.
