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MassHousing Closes $6M to Develop Affordable Rental Units in Winthrop
BOSTON — November 21, 2013 — MassHousing announced today
that it has closed a $6 million construction bridge loan for the renovation and
conversion of the former Dalrymple School in Winthrop into 27 affordable
apartments for senior citizens.
The Dalrymple School Apartments are being developed by the East Boston Community
Development Corporation (EBCDC). All of the apartments will be affordable for at
least 55 years.
The vacant, two-story, brick school building was built in 1920 and is located at
46 Grovers Ave. EBCDC has applied to have the property listed on the National
Register of Historic Places. EBCDC plans to adapt the building to provide
affordable housing for elderly residents, while maintaining many of the former
school's historical features.
The unit mix will include 4 studio apartments and 23 one-bedroom apartments. The
renovation will also involve the replacement of all major building systems, the
installation of an elevator, the re-pointing of exterior masonry and the
replacement of precast stone window sills. An existing school auditorium and its
historic features will be preserved as a common area for resident activities and
functions.
The development will also provide service options for tenants through EBCDC's
partnerships with the Winthrop Senior Center, the Boston Neighborhood Health
Center and the Winthrop Council on Aging.
"By transforming this vacant school building into housing for senior citizens,
the town of Winthrop will have a quality, affordable housing resource for many
decades to come," said MassHousing Executive Director Thomas R. Gleason.
The project is also receiving funding from HUD's Section 202 Supportive Housing
for the Elderly Program, the town of Winthrop, and equity from and the sale of
Historic and Low-Income Housing Tax Credits.
Construction is expected to be completed by October 2014.
The contractor will be CWC Builders, Inc., the architect is Michael A.
Interbartolo, Jr., and the management agent is Metro Management.
About
MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent,
quasi-public agency created in 1966 and charged with providing financing for
affordable housing in Massachusetts. The Agency raises capital by selling bonds
and lends the proceeds to low- and moderate-income homebuyers and homeowners,
and to developers who build or preserve affordable and/or mixed-income rental
housing. MassHousing does not use taxpayer dollars to sustain its operations,
although it administers some publicly-funded programs on behalf of the
Commonwealth.
Since its inception, MassHousing has provided more than $16 billion for
affordable housing. For more information, visit the MassHousing website at
www.masshousing.com.
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