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$9.9M MassDevelopment Bond Finances Dorchester Affordable Housing

Jul 11, 2013 | Reprints | Unlock Link | Print

MassDevelopment has issued a $9.9 million tax-exempt bond on behalf of WFH Housing LLC, to buy and renovate Wayne at Franklin Hill in Dorchester.

The project, which will renovate three buildings with 72 units of affordable housing, is part of the overall redevelopment of Wayne Apartments, a group of sites serving 349 low-income households in Dorchester, Mattapan and Roxbury.

Cruz Development is the project’s sponsor, and Eastern Bank purchased the bond.

Renovations at Wayne at Franklin Hill include new kitchens, bathrooms, heating systems, roofs, windows and flooring.

In addition to the tax-exempt bond financing, MassDevelopment assisted the Department of Housing and Community Development (DHCD) with the approval of federal low-income housing tax credits, which will generate about $5.8 million in equity.

Residential Real Estate