Enterprise Partners with Trinity Financial, BHA to Provide $45M LIHTC Investment to Franklin Hill Redevelopment
- Jun 18, 2008
By Anuradha Kher, Online News EditorBoston–Enterprise Community Investment Inc., along with Trinity Financial Inc. and the Boston Housing Authority (BHA), are making a $45 million Low Income Housing Tax Credit (LIHTC) equity investment for Phase II of Franklin Hill redevelopment, located at 1 Shandon Rd. in Boston’s Dorchester neighborhood.Trinity Financial and the BHA completed development of the first phase of Franklin Hill earlier this year. Phase II of Franklin Hill will feature 152 affordable rental units, which will bring the total number of affordable rental units at Franklin Hill to 266.“Enterprise is proud to enter the Boston affordable housing market to create a new and safe community for local families. Through this strategic investment, we are helping to provide quality affordable housing and services for families at a variety of income levels while spurring additional economic development,” says Raoul Moore, east region vice president, tax credit syndication, Enterprise.Phase II of the Franklin Hill development will be built as sections 2A and 2B, with federal Low Income Housing Tax Credit and Solar Tax Credit equity investments of $36 million and $9 million, respectively.“We are very excited about the positive impact this redevelopment will have on Franklin Hill residents and the surrounding Dorchester community,” says Kenan Bigby, project manager for Trinity Financial. Franklin Hill-2A features 114 apartments and townhouse units scattered over four acres. The project will feature a five-story apartment building and eight townhouse buildings with units ranging from one to five bedrooms. One hundred and ten units will be reserved for households at or below 60 percent of area median income (AMI). The remaining four units will be available to households earning between 60-80 percent of AMI.The 1.8-acre Franklin Hill-2B site offers 38 mixed-income family homes, including two-, three-, four- and five-bedroom units. All 38 units will be available to households at or below 60 percent of AMI. Seventy-six percent of the units will be deeply subsidized with project-based or public housing subsidy.