Posted on July 7, 2009
BOSTON, July 7, 2009 ---- Almost nineteen years after the complex was first constructed, members of the public and private sector came together to celebrate the re-opening of the renovated Fenway Views Apartments, a 55-unit rental/condominium apartment building with 22 rental units reserved for low- and moderate-income tenants in the Fenway neighborhood of Boston.
“This [deal] is an example of how market rate units can cross subsidize affordable units, thus helping in the effort to make sure that the Fenway continues to be a place where everyone can afford to live,” said Carl Nagy-Koechlin, executive director of the Fenway CDC. “We were able to preserve 22 units as affordable while strengthening the overall financial and physical condition of the property.”
Condominium units help rentals stay affordable
Located at 108 Peterborough Street, the complex includes 55 mixed-income units, which were converted to condos in 2006. In order to make a portion of the units affordable to low- to moderate-income renters, Fenway CDC retained ownership of the 22 affordable units. To date, 29 of the 33 market-rate condo units have been sold. The 22 affordable units consist of five three-bedroom apartments, 11 two-bedroom apartments, and six one-bedroom apartments. All rental units will be affordable to residents earning at or below 60 percent of the area median income, which is $43,320 for a family of two in Boston.
MHP provided $1.4 million to help Fenway CDC preserve the 22 affordable rental units. The project also received funds from the City of Boston’s Department of Neighborhood Development, the Massachusetts Department of Housing and Community Development, as well as a bridge loan from the LIFE Initiative, Wainwright Bank, and CEDAC.
MHP is a privately-funded, state non-profit housing organization that uses funds from the banking industry to provide long-term loans for affordable rental housing at highly competitive interest rates. Since 1990, MHP has made over $610 million in loans and commitments for the financing of over 15,000 units of rental housing, most of it affordable and on a smaller scale that’s in character with communities.
MHP helping affordable units remain in Fenway neighborhood
This is the second time that MHP has provided financing to Fenway CDC for affordable housing. To date, MHP has committed $2 million to help Fenway CDC preserve 57 units of affordable rental housing in Boston.
“We are delighted to be able to put our private banks funds to work in helping the Fenway CDC keep the neighborhood affordable,” said David Rockwell, MHP’s director of lending.
For more information about MHP and this project, contact Loan Officer Amanda Roe at 617-330-9944 x273.