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Olmsted Green Closes Financing for Phase Two

DORCHESTER, MA-The 42-acre mixed-use, mixed-income community is adding 50 affordable units to the project.

By Ryan Clark | Updated on April 09, 2009

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.

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