A scattered-site affordable housing development in Dorchester has secured permanent financing.
Nuestra Comunidad secured a $1.28 million Fannie Mae-backed loan from the Massachusetts Housing Partnership for the 40-unit Hope in Dorchester project.
Hope In Dorchester, originally developed by Boston Aging Concerns, Young and Old United in 2003, consists of nine buildings spread out over five streets east of Blue Hill Ave. and north of Harambee Park and Talbot Ave. It features four single-family homes, three two-family homes, a 12-unit building and an 18-unit building.
It offers 14 one-, 16 two-, 6 three- and 4 four-bedroom apartments. All are affordable at or below 60 percent of area median income and 37 apartments are supported with project-based Section 8 vouchers.
The Massachusetts Housing Partnership secured the loan for Nuestra Communidad. The fixed-rate loan to Nuestra Comunidad has an 18-year term and a 30-year amortization schedule. The loan and a new 20-year Section 8 contract ensures that the homes will remain affordable.
“Nuestra was pleased to secure a long-term mortgage for our Hope In Dorchester property on good terms with a long-standing lending partner in MHP,” said Executive Director David Price. “With this transaction, we extended the affordability period and created deeper affordability levels. With the MHP loan in place, we know that the Hope In Dorchester complex can continue to provide much-needed affordable housing for low-income families for decades to come.”