Boston – MassDevelopment has issued a $15.8 million tax-exempt bond on behalf of Dudley Crossing LLC, an affiliate of Nuestra Comunidad Development Corporation, which will use proceeds to build and preserve 47 units of affordable housing across three locations near Nubian Square in Boston’s Roxbury neighborhood. Citizens Bank and Silicon Valley Bank purchased the bond.
As part of this project, dubbed Dudley Crossing, the organization will buy, renovate, and equip two buildings, located at 375-385 Dudley St. and 2-4 Dunmore St./205-210 Hampden St., which contain a combined 23 units of existing affordable housing that will be preserved. The organization will also demolish a building at 387-397 Dudley St., which contains 12 units of affordable housing, and build a larger, 28,000sf building containing 24 units of affordable housing in its place.
Renovations to 375-385 Dudley St. and 2-4 Dunmore St./205-210 Hampden St. will include installing new heating, ventilation, fire protection, and sprinkler systems; restoring kitchens and bathrooms; completing extensive masonry pointing and repair; installing new aluminum-clad wood windows and roofing; and adding new furniture, fixtures, and equipment. When complete, Dudley Crossing will consist of nine one-bedroom units, 22 two-bedroom units, 11 three-bedroom units, and five four-bedroom units. Forty-two of the units will be rented to households earning up to 60% of the area median income and five units will be rented to households earning up to 80% of the area median income.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $10.8 million in equity for the project.