Wednesday, July 02, 2014
NEW BOSTON FUND AND ASIAN COMMUNITY DEVELOPMENT CORPORATION SECURE STATE FUNDING FOR ONE GREENWAY
Department of Housing and Community Development (DHCD) awards $3.9 million for the project’s affordable home ownership units
BOSTON – (July 2, 2014) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, Asian Community Development Corporation (ACDC), a 27-year old non-profit organization serving the Asian American community of Greater Boston, announced today that the Department of Housing and Community Development (DHCD) has awarded $3.925 million to One Greenway’s South Building which will include 51 affordable home ownership units.
“Housing is the cornerstone to economic success in the Commonwealth,” said Aaron Gornstein, Undersecretary of the Department of Housing and Community Development. “Through key initiatives and collaborations across state government and with our local partners, we continue to ensure a stable and robust housing market for our neighbors and our communities. Expanding and preserving affordable housing opportunities for families and seniors with modest incomes is especially important.”
The South Building will provide middle-income families with a home ownership opportunity that is in a transit-oriented location close to the amenities and services of downtown Boston. With 46 of the 51 condominiums designated for families earning at or below 80 percent of the area median income (AMI), these units are truly for middle-income residents. Since a majority of the housing stock in downtown Boston is priced at or above 200 percent AMI, this is a rare ownership opportunity for families to stay in downtown Boston.
“This project will double the amount of affordable home ownership opportunities in Chinatown, which has one of the lowest home ownership rates in Boston,” said Janelle Chan, Executive Director of Asian Community Development Corporation. “We are very proud, and thankful to the state, that we can provide working families the opportunity to own their own homes in this neighborhood.”
The South Building is scheduled to start construction in the summer of 2015. Once complete, it will include 20 one-bedroom units, 22 two-bedroom units and 9 three-bedroom units. Homeownership counseling services will be made available to interested buyers of the condominiums.
“One Greenway is a great example of public and private entities collaborating to invest in the downtown area, and it is wonderful to see the continued support from the state,” said Sean Sacks, Vice President of Development, New Boston Fund. “This award goes a long way in helping complete the project and the community’s vision for the site.”
Last month, Mayor Walsh and MassDOT Secretary & CEO, Richard Davey, joined the team and the community for a ceremonial groundbreaking to celebrate the return of the Parcel 24 site back to housing, retail, and community uses. Construction began on the North Building this past fall.
Bordering Chinatown and the Rose Kennedy Greenway, One Greenway’s 363 residential units will reside in two buildings that bookend a third of an acre of publicly accessible open space. The 312-unit North Building includes 217 market rate rentals and 95 affordable rentals. One Greenway’s 146 affordable units bring a substantial addition of new affordable housing stock to Boston’s downtown and will help retain working families in the urban core.
The project also includes 135 garage parking spaces, approximately 8,500 square feet of retail and community space, as well as new neighborhood amenities in the open space and a new pedestrian connection between Hudson Street and Albany Street.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
About Asian Community Development Corporation
Asian Community Development Corporation (ACDC), a 27-year old community-based non-profit organization, serves the Asian American community of Greater Boston, with an emphasis on preserving and revitalizing Boston’s Chinatown. ACDC develops physical community assets, including affordable housing for rental and ownership; promotes economic development; fosters youth leadership development; builds capacity within the community and advocates on behalf of the community. ACDC has developed over $110 million in mixed-use real estate that is home to over 900 residents in Boston and Quincy, and provides housing counseling and homebuyer workshops throughout the year. For more information, visit www.asiancdc.org.
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