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City, State Close on Financing for Dorchester Affordable Project
MassHousing and the City of Boston announced the close of financing to Affordable Housing and Services Collaborative, Inc. (AHSC) for the consolidation and renovation of two Boston affordable housing communities. The 91-unit Columbia Uphams Apartments will combine the 46-unit Columbia West Apartments and the 45-unit Uphams Corner Market, located approximately 0.7 miles apart on Columbia Road in Dorchester.
AHSC took ownership of the properties in 2019 and 2020. MassHousing is providing $3.9 million in permanent financing, $20 million in construction financing, and $1.1 million in subordinate financing. Boston is providing $885,818 in Neighborhood Housing Trust financing.
Additional funding includes $20.3 million in federal and state Low Income Housing Tax Credit financing allocated by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), $4.5 million in direct support from EOHLC, $3.8 million in Historic Tax Credit financing, $4.6 million in seller financing, $2 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of EOHLC, and a $173,527 sponsor loan. The tax credit investor is Boston Financial Investment Management, LP.
- ◦Development
- ◦Financing
