Developments > Dudley Village LIHTC
The project sits on the site of the former notorious Fundonzinho Lounge — a center of crime and violence in the Dudley Square neighborhood of Boston. It is now a new mixed-use development that includes affordable housing, retail and office space. For more than five years, the Dorchester Bay Economic Development Corporation (DBEDC) worked to make this project happen, starting with the purchase of the property with a $1 million acquisition loan from MHIC in 2003. More recently, MHIC provided $1.65 million in New Markets Tax Credit financing, used for the commercial component, and a $4 million low-income housing tax credit equity investment to finance the residential part. The project consists of 24 units of housing for income eligible households, and 4,800 square feet of retail and office space. DBCDC is using a portion of the space for community service programs. This project and a companion project featuring 26 housing units and 1,550 square feet of commercial space will accomplish DBEDC’s long-held goal to revitalize this blighted section of Dorchester.
Dudley Village LIHTC
Project at a Glance:
Location:
Boston
Development Type:
Commercial,Rental
MHIC Financing:
$4,038,767 in LIHTC financing
Sponsor:
Dorchester Bay Economic Development Corporation
Number of Units:
24
Date Completed:
12/23/2008
The project sits on the site of the former notorious Fundonzinho Lounge — a center of crime and violence in the Dudley Square neighborhood of Boston. It is now a new mixed-use development that includes affordable housing, retail and office space. For more than five years, the Dorchester Bay Economic Development Corporation (DBEDC) worked to make this project happen, starting with the purchase of the property with a $1 million acquisition loan from MHIC in 2003. More recently, MHIC provided $1.65 million in New Markets Tax Credit financing, used for the commercial component, and a $4 million low-income housing tax credit equity investment to finance the residential part. The project consists of 24 units of housing for income eligible households, and 4,800 square feet of retail and office space. DBCDC is using a portion of the space for community service programs. This project and a companion project featuring 26 housing units and 1,550 square feet of commercial space will accomplish DBEDC’s long-held goal to revitalize this blighted section of Dorchester.