New Boston Fund Secures Financing for M-F Project

New Boston Fund and Asian Community Development Corp. recently secured city and state funds for the construction of a $130 million, 345-unit mixed-income multi-family property in Boston's Chinatown.

A site in Boston’s Chinatown that had been home to 300 before being cleared for the city’s infamous Big Dig will become a residential address once again. New Boston Fund and Asian Community Development Corp. recently secured city and state funds for the construction of a $130 million, 345-unit mixed-income multi-family property, paving the way to commence the initial phase of the project.

It’s been a long time coming–approximately five years of planning involving representatives of entities ranging from community organizations to the Commonwealth–but what had been a bustling residential section of Hudson Street in the 1960s is finally on the verge of a renaissance. Parcel 24 will accommodate residents of various incomes. The property will offer 200 market-rate apartments, 95 affordable apartments and 50 affordable homeownership residences.

However, Parcel 24 will sprout more than just homes. It will also feature approximately 5,500 square feet of ground-level retail space, 6,000 square feet of interior community space and 125 underground parking spaces reserved for the property’s residents.

Financing for the project comes in the form of Federal and Massachusetts Low Income Housing Tax Credits allocated through the state Department of Housing and Community Development, in addition to funds from state and city affordable housing programs. New Boston, acting through its Urban Strategy America (USA) Fund, is contributing to the financing of the project as well.

If all goes as planned, New Boston Fund and ACDC will break ground on Parcel 24 in spring 2012.