MassDevelopment has issued an $8,260,000 tax-exempt bond on behalf of Dudley Terrace Apartments, LLC, an affiliate of the Dorchester Bay Economic Development Corporation, which will use bond proceeds to buy and renovate Dudley Terrace, a 56-unit affordable multifamily rental housing facility in Boston’s Dorchester neighborhood.
Dudley Terrace consists of 10 one-bedroom units, 34 two-bedroom units, and 12 three-bedroom units. Planned renovations include building envelope repairs and upgrades, life safety improvements, updates to all units and common areas, new windows, and new roofs.
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, which will provide approximately $4.7 million in equity for the project. Boston Private Bank purchased the bond.
The Dorchester Bay Economic Development Corporation is a community development corporation founded by local civic associations in 1979 to address the problems of economic disinvestment, unemployment, crime, community tensions, and the shortage of quality affordable housing in Boston’s Dorchester neighborhood. Over the last 40 years, the organization has worked in partnership with local leaders and stakeholders to build and preserve 1,100 units of affordable housing and more than 200,000 square feet of commercial space, engage residents in community life, and support a robust economy through small business support and economic development.