Boston – MassDevelopment has issued a $14,495,000 tax-exempt bond on behalf of Wilshire Westminster LLC, an affiliate of the Urban Edge Housing Corporation, which will use bond proceeds to renovate, furnish, and equip two multifamily rental housing facilities in the Roxbury and Dorchester neighborhoods: Westminster Court and Wilshire Apartments.
MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide $9.6 million in equity for the project. Boston Private Bank purchased the bond.
Westminster Court is a 70-unit mixed-income facility consisting of 25 one-bedroom units and 45 two-bedroom units. Sixty of these units will be rented to households earning no more than 60 percent of the area median income (AMI) and ten units will be rented to households earning no more than 95 percent of AMI. Planned renovations to Westminster include substantial building envelope and ventilation upgrades, window replacement, electrical upgrades, and interior and exterior painting and sealing.
Wilshire Apartments is a 29-unit affordable housing complex consisting of 19 one-bedroom units and 10 two-bedroom units. Planned renovations to Wilshire include new heating systems, including boilers, repairs to rear balconies and fire escapes, new insulation, masonry repairs, select kitchen and bathroom replacements, installation of water conservation fixtures, and the creation of two accessible and three zero-step entry apartments.
MassDevelopment has previously issued bonds for Urban Edge housing projects, including Walker Park and the Walnut Washington Apartments.