MassHousing Provides Financing To Lee for Six Workforce Housing Units In DorchesterJanuary 09, 2018 - By The Real Reporter
BOSTON—MassHousing recently announced it has provided $600,000 in workforce housing financing to an affiliate of TLee Development LLC, for the construction of six new two-bedroom apartments for working households on a vacant parcel in the Codman Square neighborhood of Dorchester. TLee Development, owner of the vacant property at 246-248 Norwell St., will put more than $375,000 of its own financing toward the project. Meanwhile, Eastern Bank will supply $875,000 in construction and permanent financing.
“MassHousing is pleased to partner with Travis Lee on this exciting project, which will transform a vacant parcel into new housing affordable to moderate-income households, and help create a more vibrant, healthier neighborhood,” said MassHousing Acting Executive Director Tom Lyons in a release. “There is a critical need for new housing across the Commonwealth, and this project will make a real impact in the lives of working families in Dorchester,” Lyons furthered.
All six units will be for households earning at or below 70% of the Area Median Income, which for a household of four in Boston is $72,400. With this outcome in mind, 246-248 Norwell Street advances the Baker-Polito Administration’s goal of creating up to 1,000 new workforce housing units affordable to middle-income households through MassHousing’s $100 million Workforce Housing Initiative. Since the inception of the initiative last year, MassHousing has committed or closed workforce housing financing totaling $49.7 million, to 23 projects, located in 13 cities and towns. To date, the Workforce Housing Initiative has advanced the development of 2,111 housing units across a range of incomes, including 5386 workforce housing units.
TLee Development appreciates the chance to transform its vacant property in a way that will benefit community members struggling with rising rents. “It has been such a privilege to partner with an organization like MassHousing that shares a vision for creating high-quality, workforce housing during a time when housing prices have become out of reach for the average working family,” noted Travis Lee.
MassHousing’s history of success in financing renters and homeowners in Boston makes Lee all the more excited for the undertaking. “I look forward to working with MassHousing on the next project,” he adds. The agency has financed or currently manages the rental subsidy on 27 rental housing communities in Dorchester involving 3,240 units of housing and $142 million in total financing. It has also provided $1.1 billion in financing to 8,217 Boston homebuyers or homeowners who have refinanced their homes.