Rendering of the Residences at Fairmount (courtesy)

MassHousing has closed on $2.1 million in financing to the Traggorth Cos. and the Southwest Boston Community Development Corporation (SWBCDC) for the construction of the 27-unit Residences at Fairmount Station in Hyde Park.

All 27 apartments will be affordable to low- and moderate-income households. MassHousing is providing a $1.8 million permanent loan and $300,000 through the agency’s $100 million Workforce Housing Initiative.

“This transaction typifies many of the housing challenges MassHousing is addressing for Massachusetts residents with a range of incomes,” MassHousing Executive Director Tim Sullivan said in a statement. “The Residences at Fairmount will provide brand new, affordable apartments for lower- and moderate-income households as well as working families while also transforming an underdeveloped parcel into an attractive housing resource for Hyde Park residents. We were very pleased to collaborate with the Traggorth Cos., the Southwest Boston Community Development Corp., the city of Boston and the Baker-Polito Administration to help develop this important new housing.”

Of the 27 units, six will be for low-income households earning at or below 30 percent of the area median income ($31,020 for a family of four) supported a federal Section 8 Housing Assistance Payment Contract; five will be for households with incomes at or below 50 percent of AMI ($51,700 for a family of four); 13 will be for households with incomes at or low 60 percent AMI ($62,040 for a family of four) and three will be workforce housing units for households earning at or below 80 percent AMI ($78,150 for a family of four).

“Southwest Boston CDC is grateful to MassHousing and all of our partners for helping us to create urgently needed affordable housing for Hyde Park families, and to transform this formerly disconnected and underused site into a vital part of the residential neighborhood and commercial district,” SWBCDC Executive Director Erica Schwarz said in a statement.

In addition to the MassHousing financing the project is also receiving financing from the city of Boston, the Massachusetts Department of Housing and Community Development and financing from the allocation of Low-Income Housing Tax Credits.

The Residences at Fairmount will include one studio unit, three one-bedroom units, 18 two-bedroom units and five three-bedroom units, as well as a community room, green space and outdoor play area. The new housing will be transit-oriented and located across from a Commuter Rail stop.