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Financing Secured for Dorchester Affordable Housing Community

| January 10, 2019

Boston – MassHousing is providing $2.1 million in affordable housing financing from the agency’s Workforce Housing Initiative to support a housing community to be built at 233 Hancock St. in Dorchester, developed by Arx Urban.

The general contractor is Haycon. The architect is Rode Architects Inc. and the management agent is Trinity Management LLC.

The MassHousing financing will help transform a pair of automobile repair shops into 36 units of new mixed-income homes, including 21 units of new workforce housing, contained in a five-story building. The development will also feature ground floor retail space and lobby gallery space curated by a local artist group.

Of the 36 new apartments, 10 will be affordable for working households earning up to 80 percent of the Area Median Income (AMI), and 11 apartments will be affordable for working households earning up to 100 percent of AMI. The remaining 15 units will be rented at market rates. The AMI for Boston is $107,800 for a family of four.

The Property and Casualty Initiative is providing an additional $9.4 million in construction and permanent financing. Other sources include $3.2 million of socially minded private equity, and $500,000 in Community Preservation funding from the City of Boston.

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Category: All, Multi Residential

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