July 22, 2020 Comments Off on MHP Secures $1M in Affordable Housing Financing for Dorchester MF Property Views: 319 Boston New England News, Metro Boston

MHP Secures $1M in Affordable Housing Financing for Dorchester MF Property

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The Massachusetts Housing Partnership has secured a $1.2 million Fannie Mae loan on behalf of borrower Nuestra Comunidad to preserve the affordability of Hope in Dorchester, a scattered site development of 40 affordable apartments in Dorchester.

The community 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.

The property was developed in 2003 as part of a City of Boston revitalization effort that donated 21 vacant parcels to a nonprofit for the development of affordable, rental housing. Nuestra Comunidad acquired it from the original developer, Boston Aging Concerns, Young and Old United, in 2009.

MHP has now made seven loans to Nuestra Comunidad totaling $10.5 million for the financing of 299 affordable apartments.

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