Boston, MA – September 13, 2011 – (RealEstateRama) — The City of Boston and Dorchester Bay Economic Development Corporation have been awarded $20.5M by the U.S. Housing and Urban Development (HUD) as part of the first-ever Implementation Grants awarded under HUD’s Choice Neighborhoods Initiative.
This new program supports local leaders in transforming high-poverty, distressed neighborhoods into neighborhoods with healthy, affordable housing, safe streets, and access to quality educational opportunities. The news was announced by HUD Secretary Shaun Donovan and noted that five cities will be the recipients of $122M to redevelop distressed housing and bring comprehensive neighborhood revitalization to blighted areas. In addition to Boston, Chicago, New Orleans, San Francisco, and Seattle are set to receive grants.
The grant will support an ongoing project by the Dorchester Bay Economic Development Corporation. Dorchester Bay and another area-nonprofit, Quincy Geneva Housing Corporation, have proposed to purchase from Morrant Bay Limited Partnership (“MBLP”), the site of the 129-unit Woodledge Apartments, a financially and physically distressed property. Dorchester Bay and Quincy Geneva further propose to carry out a refinancing and redevelopment program that would combine rehabilitation and new construction to preserve these 129 units as a vital source of affordable housing for lower-income families in the Dorchester area of Boston for the long-term future.
Nixon Peabody affordable housing partner Jeffrey Sacks, lead counsel on the Quincy Heights Development project, said “Dorchester Bay and Quincy Geneva, in working with the City of Boston, are well-positioned to make full use of this first-of-its-kind program which aims to attract the private investment needed to transform distressed neighborhoods into sustainable, mixed-income neighborhoods with the affordable housing, safe streets and good schools every family needs. I am thrilled to be a part of this very important project.”
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