Affordable Mass. Community to Receive $35M for Renovations
- Dec 21, 2015
Boston—Thanks to $35 million in financing arranged by Boston-based MassHousing, low-income residents of Madison Park Village III in Roxbury, Mass., will benefit from a long-term extension of affordability, as well as extensive property upgrades.
Madison Park Village III is owned by Madison Park Development Corporation (MPDC). As part of the MassHousing financing, MPDC extended the federal Section 8 Housing Assistance Program (HAP) contract for a period of 15 years.
The 37-year-old, 120-unit property features 92 two-bedroom, 22 three-bedroom and six four-bedroom apartment for low-and very-low income people. The community spreads out across 19 buildings in Lower Roxbury.
All 120 apartments will be subject to extensive physical renovations. The interior improvements will include new kitchens, bathrooms and flooring, new paint in units, door and hardware replacement and replacement of existing plumbing fixtures with more efficient fixtures.
“The developer Madison Park Community Development Corporation is a nationally recognized organization that has a strong commitment to improve its neighborhood,” Thomas R. Gleason told MHN. “Low interest rates and high tax credit yields facilitated the feasibility of rehabilitating 120 units with only four-percent LIHTC, tax-exempt financing, and S8 project based subsides.”
Gleason noted the scope of the work is extensive, costing about $170,000 per unit. The renovation requires the demolition of two units, construction of two new units and stabilization of many of the community’s townhouse clusters.
The total development cost is approximately $59.32 million, roughly $316.14 per square foot. Construction cost is approximately $21 million, or roughly $114 per square foot. The architect is Elton and Hampton Architects and the management agent is WinnResidential. The contractor on the project is L.D. Russo Inc., which has subcontracted 42 percent of the construction work to minority and women-owned firms.
Those companies will be handling much of the carpentry, roofing, masonry, plumbing, painting, sprinkler and metal work. Siding, trim, windows, doors, roofing and wooden stairs will be replaced entirely. New playgrounds and accessibility features for people with disabilities will be added to the property.
“Madison Park Village III has provided affordable homes to families for more than 35 years, and this financing allows MPDC to fulfill our commitment to provide stability and economic security for Roxbury families while preserving this critical housing resource,” said MPDC CEO Jeanne Pinado. “The renovations will provide energy-efficient homes, upgraded site facilities and modern amenities and finishes for all the families.”