MassHousing and the City of Boston have announced that Affordable Housing and Services Collaborative, Inc. (AHSC) has secured financing for the consolidation and renovation of two affordable housing communities in Boston. The project will combine Columbia West Apartments, a 46-unit property, with Uphams Corner Market, a 45-unit property located approximately 0.7 miles away on Columbia Road in Dorchester.
AHSC acquired both properties in 2019 and 2020 with support from MassHousing’s $3.9 million permanent financing, $20 million construction financing, and $1.1 million subordinate financing as well as an additional $885,818 from Boston’s Neighborhood Housing Trust fund.
The project also received funding from various sources including federal and state Low Income Housing Tax Credits allocated by the Massachusetts Executive Office of Housing & Livable Communities (EOHLC), direct support totaling $4.5 million from EOHLC , Historic Tax Credit financing worth$3 .8million , seller finan cing amounting to$4 .6million ,a contribution of$2millionfromthe Affordable Hous ing Trust Fund managed by MassHou sing on behalf o f EOHLC,andasponsor loanof$173527.The tax credit investor isBoston Financial Investment Management LP .
In summary:
MassHousing & City of Boston announce funding for AHSC to consolidate & renovate two affordable housing communities – Columbia West Apts & Uphams Corner Market – into one complex in Dorchester.
Funding includes:
– MassHousing: permanent ($3.9M), construction ($20M) & subordinate ($1.lM)
– Neighborhood Housing Trust fund: provided by city ($885K)
– Federal/state Low Income Hsg Tax Credits via MA Exec Office of Hsg/Livable Communities
($20.SM)
-Direct support frorn MA Exec Ofc orf-lsing/Livabie Communities ($4.5M)
– Historic Tax Credit financing ($3.8M)
– Seller financing ($4.6M)
-Affordable Housing Trust Fund (managed by MassHousing on behalf of MA Exec Ofc of Hsg/Livable Communities): $2M
-Sponsor loan: $173,527
-Tax credit investor: Boston Financial Investment Management LP
