"Leading the redevelopment of our historic headquarters is a milestone in the history of the first YWCA in the nation," says Marti Wilson-Taylor, president and CEO of YWCA Boston. The YWCA started out as the Pioneer Hotel for Women. This building became coed in the 1970s.
Mayor Thomas M. Menino emphasizes that the plan underscores Boston's commitment to alleviating the city's affordable housing shortage. "Together we can create affordable housing even in one of the city's most sought-after neighborhoods," he notes.
When complete in 2005, the project will upgrade 57 existing housing units and create 127 new housing units of single room occupancy for a total of 184 units of housing. Of the 184 units, 79 will be designated for households with incomes as low as 30 to 60% of Boston's median income levels.
The YWCA says the single-room occupancy units are based on its 200-unit Berkeley Residence on Berkeley Street. Current tenants in the building include the Lyric Stage and Snowden International High School and the YWCA says they will continue to reside in the building. The project also involves approximately 8,000 sf of rental office space for other nonprofit and community organizations.
The $52 million in financing for the renovation was provided by a number of lenders, including: Fleet Bank; Massachusetts Housing Partnership; Wainwright Bank; Fannie Mae; MMA Financial LLC; HOME funds and Low Income Housing Tax Credits provided by the state's Department of Housing and Community Development; Community Economic Development Assistance Corporation; City of Boston--Department of Neighborhood Development; City of Boston--Neighborhood Housing Trust; US Department of Housing and Urban Development; Boston Community Capital; Paul and Phyllis Fireman Charitable Foundation; Albert N. Parlin Trust; and United Way of Massachusetts Bay.
The YWCA says a campaign will be launched to raise additional private funds for the project as well as provide for the upgrading of the units at its Berkeley Street location.
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