MassHousing Makes Loan Commitments of up to $15.1 Million for Final Phases of the Revitalization of the Franklin Hill Public Housing Development in Dorchester

Redevelopment of the Boston Housing Authority’s “most troubled’’ housing development will result in 266 new affordable apartments in townhouses and mid-rise buildings

BOSTON – MassHousing announced loan commitments today of up to $15.1 million for the final two phases of the four-phase redevelopment and revitalization of the Franklin Hill Public Housing Development in Dorchester.

Identified several years ago by the Boston Housing Authority as its “most troubled’’ public housing development in need of both physical and social transformation, Franklin Hill is being redeveloped by Trinity Franklin Hill Limited Partnership, an entity held by Trinity Financial of Boston. When the four phases of redevelopment are completed, Franklin Hill’s 366 units of severely distressed housing in 13 three-story buildings will be demolished and replaced with 266 new units of affordable housing in townhouses and mid-rise buildings.

“We are very pleased to make these loan commitments for the final two phases of the Franklin Hill revitalization,’’ said MassHousing Executive Director Thomas R. Gleason. “When this project is completed, some of the most distressed public housing in the city of Boston will be replaced with new, quality affordable housing in which residents will be able to live comfortably for many years to come.’’

Construction of the project’s final two phases, 2A and 2B, is expected to commence in July 2008. Phase 2A will involve the construction of 58 one- and two-bedroom apartments in a five-story building and 56 two, three, four and five-bedroom apartments in seven townhouse buildings. Of the 114 Phase 2A units, 110 apartments will be for residents earning less than 60 percent of the area median income ($41,160 for a two-person household; income limits vary based on household size). The remaining 4 units will be for public housing residents earning between 60 and 80 percent ($52,950 for a two-person household) AMI.

Phase 2A will also include a 6,000 square foot community center with a kitchen, as well as management, maintenance and tenant offices. The Phase 2A project also proposes to use solar power from photovoltaic panels to offset utility costs of the common areas. In addition, the developer will seek certification by the U.S. Green Building Council as a Leading Energy and Environmental Design (LEED) – New Construction – project for light pollution reductions, water efficient landscaping, 50 percent construction waste diversion, low emitting paints, sealants and carpets, and a reduction in parking with an increase in open space. MassHousing is additionally committing $500,000 from the agency’s Green Building Initiative.

Phase 2B will consist of 38 apartments with two, three, four or five bedrooms in eight townhouse buildings. It will also include the development of a 19,831 square foot recreational park. All 38 Phase 2B apartments will be for residents earning below 60 percent AMI.ഊMassHousing Makes Loan Commitments of up to $15.1 Million for Final Phases of the Revitalization of the Franklin Hill Public Housing Development in Dorchester The first two phases of the Franklin Hill redevelopment, 1A and 1B, involved a 90-unit mid-rise building and 24 townhouse units, respectively. Phase 1B, for which MassHousing provided a $6.3 million construction loan has been completed and occupied by returning Franklin Hill residents. Construction of Phase 1A will be complete this month with full occupancy expected in May 2008.

“Trinity Financial is extremely excited to be partnering with MassHousing on the completion of this public housing revitalization initiative,’’ said Trinity Financial Project Manager Kenan Bigby. “Not only will Franklin Hill and its residents benefit immensely from this investment, but the surrounding community will benefit as well.’’

In addition to MassHousing’s financing, the Boston Housing Authority has committed $20 million of HUD and other financing to the overall redevelopment of Franklin Hill. Other sources of funding for Phase 2A include $1 million from the Affordable Housing Trust Fund, which is jointly managed by MassHousing and the Department of Housing and Community Development (DHCD), $750,000 in DHCD Housing Stabilization Funds and $750,000 in DHCD HOME funds, $1 million in Community Development Block Grants from the city of Boston, and approximately $35.8 million from the syndication of 9 percent Low-Income Housing Tax Credits.

Other sources of funding for Phase 2B include $1 million from the Affordable Housing Trust Fund, $750,000 in DHCD Home Stabilization Funds, $2.5 million in CDBG and NHT funds from the city of Boston, and approximately $9 million from the syndication of 4 percent Low-Income Tax Credits.

The contractor for the Franklin Hill redevelopment is CWC Builders, Inc. of Newton. The architect is Domenech, Hicks and Krockmalnic of Boston and the management agent is WinnResidential of Boston.

About Trinity Financial
Established in 1987, Trinity Financial has been involved in all phases of development and has completed or currently has in development more than $1 billion of real estate projects involving more than 5,000 units of housing. Trinity Financial projects financed by MassHousing include the 396-unit Maverick Gardens revitalization in East Boston, the
156-unit Mattapan Heights, the 200-unit Mass Pike Towers in Boston, the 200-unit Davenport Commons in Boston, and the 116-unit Carruth transit-oriented development in Dorchester.

About MassHousing
The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $10.6 billion in financing for more than 97,000 units of mixed-income rental housing and more than 54,000 mortgage loans for homeowners. For more information, visit the MassHousing website at www.masshousing.com.