A $9.9 million-tax exempt bond has been issued to purchase and renovate three buildings in the Wayne Apartments complex at Franklin Hill in Dorchester.
The bond was issued by MassDevelopment, the state’s finance and development agency.
“Preserving and maintaining affordable housing is critical to the Commonwealth’s economic development, opening doors for working individuals and families,” Marty Jones, president and CEO of MassDevelopment, said in a statement. “We’re pleased to leverage this low-cost financing to benefit Bostonians.”
The renovation of the three buildings and their 72 units is part of the larger planned redevelopment of the Franklin Hill Housing Complex, which holds 349 affordable housing units.
The bond was purchased by Eastern Bank and Cruz Development will be the project's sponsor.
Improvements to the units include upgrades to the kitchens, bathrooms, heating systems, roofs, windows, flooring, masonry, paint, and the installation of a sprinkler-system.
Because of the high unemployment in the area, developers have pledged to hire local residents for the project.
“With the help of MassDevelopment’s tax-exempt bond program, we were able to take an at-risk property and preserve it as affordable housing for 72 deserving families,” Dan Cruz, of Cruz Development, said in a statement. “We will also, in an area where unemployment is double the state average, employ approximately 70 percent of the construction workers and 70 percent of the subcontractors from the inner city. It was a pleasure to work with the knowledgeable folks at MassDevelopment.”