Boston Redevelopment Project Starts Phase II with $45M Infusion
- Jun 17, 2008
Phase II of the redevelopment of Boston’s Franklin Hill has received a boost via a $45 million capital infusion from Enterprise Community Investment Inc.The first phase of the Dorchester-area project (pictured) was completed in the spring. Development partners are Trinity Financial Inc. and the Boston Housing Authority (BHA). Franklin Hill Phase II will create 152 additional affordable rental units, making for a total of 266 affordable units at Franklin Hill. The $45 million in capital came from Enterprise Community Investment Inc., marking the program’s largest Low-Income Housing Tax Credit equity investment. “This is the second and final phase of the Franklin Hill project … This was an opportunity to present affordable housing while creating and improving the quality of the housing and the neighborhood,” Kenan Bigby, project manager with Trinity Financial, told CPN. In addition to providing more than $12 million towards the Phase II project, BHA also facilitated the relocation and re-occupancy process and the provision of supportive services to Franklin Hill households. In addition to the city of Boston’s direct financial contribution to the project, the city also provided funds to pay for the new infrastructure throughout the Franklin Hill site. Enterprise Community Investment is a leading provider of the development capital and expertise to create affordable homes and redevelopment projects. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short and long-term debt and development services to capitalize projects. The firm has privately raised over $9 billion to finance more than 240,000 affordable rental and for-sale homes. Currently, Enterprise is investing in communities at a rate of $1 billion a year.