Boston – MassHousing has closed on $9.1 million in financing to the Chinese Economic Development Council (CEDC), for the preservation of Oxford Place in Chinatown. As a result of the transaction, CEDC has extended the Section 8 Housing Assistance Payment contract at the 39-unit property for 20 years.
MassHousing provided CEDC with a $9.1 million taxable permanent loan.
CEDC plans approximately $600,000 in property renovations, including accessibility and energy-efficiency upgrades. Oxford Place also underwent substantial property upgrades in 2016.
Located at 13-17 Oxford Place in a six-story building, Oxford Place features 22 one-bedroom apartments, 15 two-bedroom apartments, and two three-bedroom apartments. The management agent is Trinity Management.