Boston – MassDevelopment has issued a $13,282,012 tax-exempt bond on behalf of Codman Orlando Waldeck LLC, an affiliate of Codman Square Neighborhood Development Corporation, which will use proceeds to buy, renovate, and equip a 59-unit affordable housing complex in Boston’s Dorchester and Mattapan neighborhoods.
Planned renovations to Walando Homes total $126,670 per unit and include new kitchens, bathrooms, mechanical systems, windows and finishes, and upgrades to life safety systems. Eastern Bank purchased the bond.
The Walando Homes complex is comprised of nine buildings in two locations, the Waldeck Street in Dorchester features one-bedroom units for formerly homeless individuals with supportive services from Boston Medical Center, Codman Square Health Center, and the Massachusetts Department of Public Health. Orlando Street in Mattapan features family-oriented studio, one- and two-bedroom units. Out of the 59 units, 58 are rented to households earning up to 60% of the area median income ($72,500 for a four-person household) and one unit is rented at market rate.
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 $6.6 million in equity for the project.