The Urban Strategy America (USA) Fund, a New Boston Real Estate investment fund, has closed the financing on the second phase of the rental housing component at Olmsted Green, in Dorchester.

The 42-acre, mixed-use, mixed-income community is currently under construction.

Olmsted Green is being developed by Lena New Boston, a joint-venture partnership between New Boston Fund and Lena Park Community Development Corp. (CDC).

"In this extremely difficult financial environment, we are very pleased to be able to close on this next round of funding and begin construction on more homes for Olmsted Green," said Kirk Sykes, president of The Urban Strategy America Fund. "To date, rental one has been a success and we expect rental two to be no different. We are excited to be moving forward in providing affordable rental housing at Olmsted Green."

Olmsted Green rental housing phase two received funding from the state Department of Housing and Community Development, with funding from programs that it administers to support affordable housing development.

Other sources of funding were awarded from the state’s Affordable Housing Trust Fund, its HOME Funds and its Facilities Consolidation Fund. Private investments will be leveraged through the sale of federal low-income housing tax credits.