MassDevelopment has issued a $14.6 million on behalf of CEDC Oxford Ping On LLC to help build the 67-unit affordable housing project under construction in Boston’s Chinatown neighborhood. 

The 10-story building on Oxford and Ping On Streets will consist of 48 studios, 16 one-bedroom units and three two-bedroom units. One of the one-bedroom units will serve as a rent-free live-in property manager’s unit. The remaining 66 residences will be affordable to households earning no more than 60 percent of the area median income. Seven of these units will be affordable to households earning no more than 30 percent of the area median income. Construction began in May at the site, which was being used as a parking lot.

In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income housing tax credits, which provided approximately $10.9 million in equity for the project.

"The Oxford Ping On project will fill a gap in Chinatown’s housing supply with this affordable housing development, and we applaud CEDC Oxford Ping On LLC for taking on this important project," MassDevelopment President and CEO Marty Jones said in a statement. "MassDevelopment is proud to provide financing for this development, which will provide a great new option for people looking to remain or relocate into the neighborhood at affordable rents."

CEDC Oxford Ping On LLC is an affiliate formed by Chinese Economic Development Council, which works to enhance the economic development of the Chinese community in Boston, and helps low-income Asian residents of Chinatown achieve economic and social self-sufficiency by developing affordable housing, incubator office space, and employment training programs.