WNC Plans Boston Affordable Housing

WNC & Associates and Codman Square Neighborhood Development Corp., a Dorchester, Mass.-based community organization, have teamed up to develop Talbot Commons II, a $32 million affordable housing project that will create 42 rental units in Dorchester.

Construction is beginning immediately and is slated for completion in the summer of 2026. It will be the second phase of the initial Talbot Commons development, which broke ground in 2020 and yielded 40 units of Low-Income Housing Tax Credit affordable housing. Talbot Commons I is 100 percent occupied with a 400-household waiting list.

Talbot Commons II is a transit-oriented development that will be located at two sites: 151 Spencer St. and 21 New England Ave. in the Codman Square neighborhood of Dorchester. The two four-story buildings will provide housing for families with 30 percent, 50 percent, 60 percent and 80 percent of the area median income. Eight units will receive project-based Section 8 vouchers and eight will be part of the Massachusetts Rental Voucher program. Nine units will be set aside for households formerly experiencing homelessness.

“Through our syndication platform, we connect institutional investers with high-impact housing opportunities, ensuring the long-term viability and affordability of the project. WNC’s role involves underwriting and structuring the investment to align both investor goals and community development needs,” Anvil Advani, executive vice president, originations and finance at WNC, told Multi-Housing News. “This project reflects WNC’s onging commitment to addressing the nationwide shortage of affordable housing and fostering inclusive communities through strategic capital deployment.”

Project details

The Spencer Street site will have five one-bedroom, 10 two-bedroom and four three-bedroom units. The New England Avenue site will provide six one-bedroom, 12 two-bedroom and five three-bedroom units. Apartment amenities will feature ENERGY STAR-certified and high energy-efficiency appliances, including a refrigerator, range, dishwasher and garbage disposal. Other features planned for the units include vinyl flooring and window blinds.

Both buildings will have controlled access and elevators. Common-area amenities will include laundry facilities, a picnic area, an activity room, a community garden and bicycle parking.

Designs throughout the properties will meet city of Boston zero energy building guidelines, Passive House certification, Green Enterprise Communities certification and LEED Silver certification standards. Kitchen cabinets will be formaldehyde-free and all finishes will prioritize use of sustainable materials. Both buildings will also have rooftop solar panels.

CSNDC will provide free services for residents, including case management, digital literacy, employment support, financial coaching and household education.

Other Codman Square projects

CSNDC has been developing affordable housing in the Codman Square and South Dorchester neighborhoods for nearly 40 years. The organization has built more than 1,400 units of housing, for both ownership and rental. Once projects in the pipeline are completed, the group will have created more than 4,000 affordable homes for low- and moderate-income residents.

Late last year, CSNDC acquired the former St. Matthew’s Church and school property on Stanton Street in Dorchester to develop affordable for-sale homes and redevelop several buildings for rental housing, commercial use and community space. The current plan calls for a combination of 43 rental units for families and seniors and 28 homeownership units on approximately 22,000 square feet of vacant land.

In May 2017, CSNDC completed a $20 million redevelopment at the Whittier-Lyndhurst-Washington Apartments in Dorchester, according to a previous Multi-Housing News report. The organization transformed four buildings into 44 units of affordable rental housing, five of which were set aside for formerly homeless individuals.

WNC funds

Earlier this month, WNC closed its Institutional Tax Credit Fund 57 at $228 million. As of early May, the investment vehicle had funded 26 affordable properties–12 newly constructed and 14 preserved–comprising 1,908 units across 17 states. Fund 56 closed earlier this year with $301 million in commitments. That vehicle funded 24 communities with a total of 2,396 units across 16 states.

In April, WNC closed its California Series 22 Fund X, which raised $119 million to fund Southern California affordable housing properties. As of April, CA22 had invested in seven properties – four preservations and three new construction buildings – with a total of 693 units.