Boston, MA, August 20, 2014, –- On July 31, 2014, Asian Community Development Corporation (ACDC), a 27-year old non-profit organization serving the Asian American community of Greater Boston, closed on $5.3 million of financing for the rehabilitation of Tremont Village, a 20-unit low-income apartment building at the border of Chinatown and Bay Village.
“This project will preserve an important affordable housing asset in Chinatown and allow low-income families to remain in Chinatown,” said Janelle Chan, Executive Director of Asian Community Development Corporation.
Owned by the state Department of Housing and Community Development (DHCD), Tremont Village consists of 20 state public housing units originally constructed in 1987. ACDC was selected by DHCD as the redeveloper for Tremont Village through a 2010 RFP.
“Affordable housing is the cornerstone to a family’s economic success in the Commonwealth,” said Undersecretary of the Department of Housing and Community Development (DHCD) Aaron Gornstein. “We are very pleased to partner with ACDC to preserve these units as deeply affordable housing for families for many years to come.”
ACDC will undertake renovations to address life-safety and quality-of-life issues, as well as improve the energy efficiency of the property, in order to preserve these affordable housing units for low-income residents. The building includes four 2-bedrooms and 16 3-bedrooms.
This project is being financed by DHCD, MassDevelopment, Boston Private Bank & Trust Company, and Massachusetts Housing Investment Corporation.
“MassDevelopment is pleased to issue this $4.3 million tax-exempt bond on behalf of Tremont Village, which will expand affordable housing opportunities in Boston’s Chinatown,” said MassDevelopment President and CEO Marty Jones. “This type of low-cost financing has helped fund many affordable housing developments in Boston and beyond, filling a critical economic development need for the Commonwealth.”
“We are very pleased to provide ACDC with financing for the preservation and improvement of this valuable, affordable rental housing,” said Mark D. Thompson, CEO & President of Boston Private Bank & Trust Company.
“We value our partnership with ACDC and our other partners as we work together to improve the quality of affordable housing now and in the future in the Chinatown and Bay Village neighborhoods.”
“MHIC applauds ACDC for taking on preservation and rehabilitation of this important housing complex, and we are pleased to provide low-income housing tax credit financing to help make that possible,” said MHIC President Joe Flatley.
ACDC will hold a “groundbreaking” ceremony on Monday, September 15 from noon to 1 p.m. to celebrate the beginning of a new chapter at Tremont Village.