(Image courtesy MassDevelopment)
A tax-exempt bond issued by MassDevelopment, the Commonwealth’s finance and development authority, will help support affordable housing in Roxbury’s Dudley Square, according to the agency.
Issued on behalf of the Dudley Greenville LLC, the $9-million bond, purchased by Bank of America, will support the construction of 43 units of affordable multi-family housing. The project is part of the Orchard Park HOPE VI initiative, a project by the Madison Park Development Corporation.
"This announcement is great news for Boston families and individuals looking for quality, affordable housing in the thriving Dudley Square neighborhood," Mayor Thomas M. Menino said in a statement. "I want to thank MassDevelopment and Madison Park Development Corporation for their commitment to this project, and I look forward to continuing our work together.”
The units will be housed on two separate parcels along Dudley Street and are bound by Greenville Street, Pevear Place, and Bard Avenue. The first site will house a five-story elevator building with 31 rental units. There will be five one-bedroom units, 21 two-bedroom units, and five three-bedroom units. In addition to the units, the project includes 30,000-square-feet of commercial space on the ground floor.
The second site will house a four-story walkup with one two-bedroom rental unit and 11 three-bedroom rental units.
“Creating and preserving affordable housing is at the core of MassDevelopment’s mission,” Marty Jones, president and CEO of MassDevelopment said in a statement. “The Commonwealth has set an ambitious goal of 10,000 multifamily housing units a year, and Dudley Greenville will help meet that objective.”
The Madison Park Development Corporation hailed the financial commitment by MassDevelopment as an investment in the community.
"This $18 million investment in Roxbury’s Dudley Square will transform two prominent vacant lots into modern buildings with 42 affordable, energy-efficient homes for low income families,” Jeanne Pinado, CEO of Madison Park Development Corporation, said in a statement. “We applaud MassDevelopment and the many other public and private partners for the tremendous impact their investment will have on the community.”