Boston-Area Community Preserves Affordability for Next 40 Years
- Oct 23, 2018
The Massachusetts Department of Housing and Community Development (DHCD) and MassHousing have represented the Asian Community Development Corp. (ACDC) in purchasing Martensen Village in Quincy, Mass. The 12-unit affordable housing asset had a Section 13A mortgage due to mature in March 2019.
ACDC acquired it through Chapter 40T, a state law that prevents properties with expiring affordability restrictions from being sold and converted to market-rate rents. This extends the asset’s affordability for at least 40 years.
Located in suburban Boston, Martensen Village provides easy access to Interstate 93. Spread across three buildings, the community includes nine three-bedroom apartments and three four-bedroom townhouse-style units. All of them will remain affordable to households earning at or below 80 percent of the area’s median income, which is $107,800 for a family of four in Quincy.
DHCD secured $1.7 million in 13A preservation financing for the acquisition, while the Community Economic Development Assistance Corp. provided a $561,941 redevelopment loan. MassHousing contributed with a $15,970 capitalized 13A payment grant. The financing package covers ACDC’s acquisition and immediate repairs of Martensen Village. A permanent financing transaction that is necessary for substantially rehabilitating the property is expected to follow.
MassHousing has financed several other communities in Massachusetts, including the historic 180-unit Wellington Community in Worcester.
Image via Google Street View