MassDevelopment Helps Chinatown Rental Project with $14.6 Million Affordable Housing Bond
- Dec 15, 2014
An apartment building under construction in Boston’s Chinatown has received financial help from the Massachusetts Development Finance Agency (MassDevelopment).
A $26.6 million investment, Oxford Ping On broke ground in May. Developed by CEDC Oxford Ping On LLC, an affiliate of the Chinese Economic Development Council, the building will replace a 6,400-square-foot paved parking lot at the intersection of Oxford and Ping On Streets in the Boston Empowerment Zone—a HUD initiative first adopted in 1993 that helped revitalize some of the poorest areas in cities across the US through federal tax credits.
Rising ten stories above ground, Oxford Ping On was designed by Chia-Ming Sze Architect, Inc. and will encompass approximately 60,000 square feet of space. When fully completed in late summer 2015, the asset will have 67 low-income rental units consisting of 48 studios, 16 one-bedroom units, and three two-bedroom apartments, with one one-bedroom unit set aside for the property manager.
Now, more than half a year after construction started at the site, Oxford Ping On was granted $14.6 million in affordable housing tax breaks. According to a press release announcing the bond, MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of approximately $10.9 million in equity for the project.
“The Oxford Ping On project will fill a gap in Chinatown’s housing supply with this affordable housing development, and we applaud CEDC Oxford Ping On LLC for taking on this important project,” said Marty Jones, president and CEO of MassDevelopment. “MassDevelopment is proud to provide financing for this development, which will provide a great new option for people looking to remain or relocate into the neighborhood at affordable rents.”
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Rendering credits: Chia-Ming Sze Architect, Inc.