The Affordable Housing and Services Collaborative, Inc. (AHSC) has received financing from MassHousing and the City of Boston for the consolidation and renovation of two affordable housing communities in Dorchester. The project will combine Columbia West Apartments, consisting of 46 units, with Uphams Corner Market, consisting of 45 units. These properties are located approximately 0.7 miles apart on Columbia Road.
AHSC acquired these properties in 2019 and 2020 with support from MassHousing providing $3.9 million in permanent financing, $20 million in construction financing, and $1.1 million in subordinate financing; while Boston is contributing $885,818 through Neighborhood Housing Trust funding.
In addition to this funding partnership between AHSC,Massachusetts Executive Office of Housing & Livable Communities (EOHLC), Massachusetts Historic Tax Credit program,and seller-provided funds totaling over$30million,the project also received a tax credit allocation worth$20millionfrom EOHLC’s Low Income Housing Tax Credit program.Additionally,$4 .5millionin direct support was provided by EOHLCand another$2million came fromMassHousing’s managementoftheAffordable Hous ingTrust Fund.The remainingfunding includesa sponsor loan worth$173 ,527and an investmentbyBoston Financial Investment Management,L.P.,as the tax credit investor.
