State officials have closed on financing arrangements for the acquisition, renovation and preservation of affordable housing at Quincy Heights in Dorchester, a development described by the state as a severely distressed, scattered-site 11-building development.
According to MassHousing, the project is the first in the United States to close on funding from the U.S. Department of Housing and Urban Development’s Choice Neighborhoods grant program. The project developer and the City of Boston's Department of Neighborhood Development received $20.5 million in the first round of only five awards made nationally.
Formerly known as Woodledge/Morant Bay, the 129-unit Quincy Heights was acquired by Quincy Heights Limited Partnership, a partnership between the Dorchester Bay Economic Development Corporation and the Quincy Geneva Housing Corporation.
Developers plan to rehabilitate 80 apartments and construct 49 replacement apartments and have renewed for 20 years the federal Section 8 Housing Assistance Payment contract covering the 129 units, ensuring their affordability to low-income families.
MassHousing provided a $16.9 million construction and permanent loan and $13.5 million in bridge financing. About $1.5 million in financing was provided from the Affordable Housing Trust Fund. The project also received funding from the City of Boston and Federal Home Loan Bank, ad equity from the sale of low-income housing tax credits.