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Boston & New England  + Metro Boston  + Finance  |  July 22, 2020
David Cohen
By: David Cohen

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

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.

For comments, questions or concerns, please contact David Cohen

 

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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