Posted on October 28, 2011
JAMAICA PLAIN, Oct. 28, 2011 ---- The corner of Centre and Lamartine Street used to house nothing. Located across the street from the Jackson Square T station, commuters would exit the station and the first thing they'd see was a blighted plot of land. Now, they see 270 Centre Street, a four-story energy-efficient building housing 30 low- to moderate-income renters.
Earlier this month, state and local leaders gathered to celebrate the grand opening of 270 Centre Street. The Jamaica Plain Neighborhood Development Corporation (JPNDC) developed the $15 million project, never giving up hope that the project it started planning in 1998 would someday be done.
"This is paving the way for new investment in the neighborhood," said Leslie Bos, president of JPNDC's board. "There was no such thing as giving up on this project."
270 Centre Street consists of 30 affordable rental units as well as three retail spaces located on the first floor of the building. The retails spaces will be occupied by a hair salon, a restaurant, and a laundromat. The residential portion of the building consists of four studio apartments, four one-bedroom apartments, 20 two-bedroom apartments and two, three-bedroom apartments. Half of the units are reserved for extremely low-income residents earning at or below 30 percent of the area median income (AMI) while the other 15 units are reserved for residents earning at or below 80 percent of AMI.
"This was a nasty lot when I was growing up down the street so I'm thrilled to see it looking this way today," said State Representative Jeffrey Sanchez. "We're setting an example for other cities and states across the nation to see what can happen when a neighborhood is committed to changing itself."
270 Centre Street is the first phase of a quarter billion dollar effort to redevelop the Jackson Square neighborhood. The effort --- a partnership between JPNDC, Urban Edge, Hyde Square Task Force, and Mitchell Properties --- will result in more than 300 new homes, new green and recreational space, a new plaza, and pedestrian-friendly improvements.
MHP has committed $584,000 in first mortgage financing towards this project. This is the fourth time MHP has used its privately-funded loan pool to support JPNDC. Overall, MHP has now loaned or committedover $7 million in financing to help create 144 affordable rental units in Jamaica Plain.
This project received financing from 19 different sources including over $5.4 million in federal Tax Credit Assistance Program (TCAP) funds and $4 million from the City of Boston.
"When you find an organization that offers support, you realize there is a chance to start a new life," said Mauricio Giraldo, a new resident of the development. "Thank you to everyone who made this building a reality."
For more information about this development and MHP's financing program, contact MHP's Deputy Director of Lending Dick Mason at 617-330-9944 x242.