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Funding Will Create 702 Affordable Units; 766 Total New Housing Starts Mayor Thomas M. Menino today invested $6.2 million in 11 housing developments. The money is available immediately to build new affordable housing, rehabilitate vacant affordable housing, and preserve existing affordable housing. It represents the first financial commitments from a $30 million pool of city funds the Mayor is raising to build and preserve affordable housing in Boston. “This is the first step in putting my $30 million housing commitment to work,” Mayor Menino said. “This funding will help provide affordable homes for real families in this city who struggle every day to make ends meet.” The Mayor added, “The City of Boston can’t do it alone. We need the state and federal government to step up their commitments to providing affordable housing.” The first projects to be funded from this initial allocation are: Senior-Owned Vacant Apartments, citywide ($500,000) — SVA is a program in which the city provides financing that includes both below-market loans and deferred loans for senior homeowners with vacant apartments in need of extensive repairs. The program creates new affordable apartments and provides a much-needed new source of rental income for these very low-income seniors. This initial commitment will enable 18 homeowners that have been waiting for release of these funds to bring 25 new affordable apartments back onto the market. These homeowners live in Dorchester, South Boston, East Boston, Mattapan, and Roxbury. Community nonprofit organizations such as United South End Settlements, Ecumenical Social Action Committee, Neighborhood of Affordable Housing, and Kit Clark Senior Center have been working with these seniors to help them through this process. Cathedral Public Housing, South End ($196,000) — This funding is for the initial architectural and engineering work for a $13.9 million renovation of this development that will bring 168 currently vacant units back on line. Heath Street Public Housing, Jamaica Plain ($554,000) — This is funding for the initial architectural and engineering work for a $6.9 million renovation of this development that will bring 72 currently vacant units back on line. Bickford Street Public Housing, Mission Hill ($768,000) — This funding will enable the Boston Housing Authority (BHA) to compete for and leverage $7 million in federal Section 202 funding to renovate 64 vacant elderly housing units. Washington Beech Public Housing, Roslindale ($196,654) — This funding will enable the BHA to complete a renovation that will bring 12 long-vacant public housing units back into service. Wardman Apartments, Roxbury ($500,000) — This 88-unit apartment building is being purchased and rehabilitated by the nonprofit Urban Edge Development Corporation. Tenants in this building were at risk of losing their affordable apartments because the current owner was seeking to opt out of a federal Section 8 contract, sending all of the units to market-rate rents. This purchase and rehabilitation by a community-based organization will ensure that these tenants will never again be threatened by exorbitant rent increases. The city’s award will be matched by a state funding commitment of $500,000. The Massachusetts Housing Finance Agency is providing Low Income Tax Credits and a mix of taxable and tax-exempt financing. The Massachusetts Housing Investment Corporation also provided Urban Edge with acquisition financing. St. Botolph Assisted Living Community, Fenway ($600,000) — This $10.5 million project will create 82 units of elderly assisted living housing, serving moderate- and middle-income elders. This architecturally significant project is being developed by the Fenway Community Development Corporation and Affirmative Investments. In addition to the city’s award, $3.14 million has been provided from Neighborhood Housing Trust Linkage funds. The Massachusetts Department of Housing and Community Development (DHCD) is providing $850,000 in HOME and Housing Innovations Funds, and the Massachusetts Housing Finance Agency is providing $9 million in financing. 12-14 Wise Street, Jamaica Plain ($180,000) — This six-unit development, sponsored by the Friends of Boston’s Homeless, will provide permanent housing for formerly homeless individuals. The project has received strong community support based largely on the proven record of this organization at its nearby property at 1 Wise Street, also a facility for homeless people. The city’s award is leveraging DHCD funding of $366,000 in Housing Innovations Funds. Rollins Square, South End ($1,166,000) — This $57 million dollar project is a landmark event in the renewal of Washington Street. Developed by the Archdiocese of Boston's Office of Planning, Rollins Square will provide 184 units of housing, 120 of which will be affordable. The Boston Redevelopment Authority provided the land, which has been vacant for 35 years. In addition to the city’s award, the Neighborhood Housing Trust is providing a $2.5 million linkage award to this development. Upham's Corner Market, Dorchester ($1,150,000) — New Atlantic Community Services and New Atlantic Development are the sponsors of this project, which will create 45 units of affordable housing. This project is the residential component of a mixed-use redevelopment of a structure originally built as an urban supermarket and warehouse and which has been vacant for more than 15 years. The residential portion of the project includes 14 studio, 17 one-bedroom, and 14 two-bedroom apartments. The studios are part of a supportive housing program for homeless elders. The remaining 31 apartments will serve working families whose incomes are in the $30,000-to-$40,000 range. The first floor will be restored to its historic use as retail space. The city's award is being matched by a $1.1 million state award of HOME and HIF funds, as well as almost $3.8 million in federal low-income housing tax credits. Hano Homes, Allston-Brighton ($355,000) — This is the rehabilitation of a fully occupied 20-unit building providing 15 affordable and five market-rate rental units in one of the tightest rental markets in Boston. The developer is the Allston/Brighton Community Development Corporation. Housing has been one of the Mayor’s top agenda items. In his 1999 State of the City Address, Mayor Menino made housing a top priority, committing to doubling the number of new housing units by the year 2000. He surpassed his goal, increasing housing production by 135 percent over the previous year with more than 2,000 new units. Mayor Menino kept 1,400 units of at-risk rental housing affordable. He increased the number of dormitories in the city to take pressure off the rental market. He also streamlined the city’s approval process and identified new housing resources that will enable the city to keep moving forward in this important area. In 2000, the city is expected to exceed the housing production numbers of 1999. On October 19, 2000, Mayor Thomas Menino and members of his Housing Advisory Panel released Leading The Way: A Housing Strategy For Boston. The report is a three-year $2-billion plan to address the city’s housing needs. Key elements of that report are:
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