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DORCHESTER, MA-Olmsted Green–a 42-acre, mixed-use community–has closed financing for Phase Two of its construction. The second phase of the mixed-income project will add seven buildings comprising 50 affordable units ranging from single to three-bedroom apartments for rent.

The project is being developed by a joint venture of New Boston Fund and Lena Park Community Development Corp., by the moniker Lena New Boston. The financing was secured from a variety of sources including the Commonwealth of Massachusetts through the state Department of Housing and Community Development, specifically from programs that support affordable housing development. Another source is the state’s Affordable Housing Trust Fund, its HOME Funds and its Facilities Consolidation Fund, as well as private investments which “will be leveraged through the sale of federal low-income housing tax credits,” according to a release. The city of Bostonprovided money from the Neighborhood Housing Trust and the Department of Neighborhood Development’s HOME Funds. The permanent lender is Massachusetts Housing Partnership, while Bank of America is supplying the construction loan and tax credit equity.

By investing in projects like Olmsted Green, the [Gov. Deval] Patrick Administration is continuing in its mission to strengthen communities by producing more affordable housing while creating new jobs and economic development opportunities for residents on all income levels,” says Tina Brooks, undersecretary for Housing and Community Development for the state of Massachusetts, in a statement.

The completion of the project will eventually have 287 town homes for sale, along with 60 units of affordable senior housing and a 123-bed skilled nursing and mental health facility. Phase I rentals are already complete and filled and eventually, Phase III will add 50 affordable units, as well. Rental rates presently range, per month, from $225 for a single-bedroom unit up to $1,300 for a three-bedroom units

Although financials of the deal were not disclosed and Lena New Boston declined to comment on them, MassHousing is providing a $750,000 loand from the Affordable Housing Trust Fund (AHTF), which they manage on behalf of the state’s Department of Housing and Community Development. This loan is specifically for the Phase II of Olmsted Green. MassHousing previously provided $1 million from the AHTF for Phase I of the project. It should be noted that as multiple sources were used for the financing, AHTF’s contribution is only a portion of the Phase II funds.

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