MassHousing has closed $30.4 million in loans for the acquisition, renovation and preservation of affordability of a 129-unit property in Dorchester.
Quincy Heights, formerly known as Woodledge/Morant Bay, was acquired by Quincy Heights Limited Partnership, which involves a partnership between the Dorchester Bay Economic Development Corp. and the Quincy Geneva Housing Corp.
The developer plans to rehabilitate 80 existing apartments and construct 49 replacement apartments and has also renewed for 20 years the federal Section 8 Housing Assistance Payment contract covering the 129 units.
Quincy Heights is a scattered-site development comprised of 11 buildings clustered around Quincy Street in Dorchester. Nine buildings – at 99, 104 and 106 Woodledge St., 34-38 Cunningham St., 180 Howard Ave., 4-6, 5-7 and 8-10 Dunkeld St., 89 Fayston St., 15 Mascoma St. and 177-185 Magnolia St. – will be rehabilitated and reconfigured.
Two buildings – 229-237 Quincy St. and 193-195A Magnolia St. – will be demolished and 49 new apartments will be constructed on an expanded site that will include three adjacent parcels and two parcels on the other side of Quincy Street that were acquired from the city of Boston.
The Quincy Heights project is the first in the nation to close on funding from HUD’s Choice Neighborhoods grant program. The developer and Boston’s Department of Neighborhood Development received $20.5 million in the first round of only five awards made nationally. The grant will support Boston’s Quincy Corridor Transformation Plan, of which Quincy Heights is the housing centerpiece.
MassHousing provided a $16.9 million construction and permanent loan and $13.5 million in bridge financing. An additional $1.5 million in financing was provided from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development. The project also received funding from the city of Boston and Federal Home Loan Bank as well as equity generated from the sale of low-income housing tax credits.
Planned renovations include roof replacement, building envelope renovation and replacement of all windows. Interior work will include reconfiguration of small and poorly laid out units, bathroom and kitchen renovations, new flooring and drywall, replacement or upgrading of mechanical, plumbing and electrical systems and new sprinkler and upgraded fire alarm systems.
The contractor is Built-Rite, the architect is Elton Hampton Architects and the management agent is United Housing Management.
