Massachusetts Housing Investment Corp. (MHIC) is providing $5.7 million in financing for the development of a three-story, mixed-use building at 191 Talbot Ave. in the Codman Square area of Dorchester, Mass.
The new community by TLee Development will provide 14 workforce rental housing units and 1,835 square feet of commercial/retail space. The project is being built to meet Passive House standards.
The development is being built on a lot that has been vacant for more than 10 years and which most recently was occupied by a gas station. It’s across the street from the Joseph Lee Elementary School and less than 200 feet from a commuter rail station. There are also opportunities for outdoor recreation, with parks, basketball courts, soccer and lacrosse fields, and a playground nearby, and Franklin Park one mile away. Retail stores, restaurants, medical services, and other amenities are within walking distance.
MHIC provided a $4.5 million loan for the acquisition and construction of 191 Talbot Ave. and a $1.2 million Healthy Neighborhoods Equity Fund investment. MassHousing provided a $1.4 million workforce housing loan and a $2.7 million senior loan.
191 Talbot Ave. will contain four studio, one one-bedroom, and nine two-bedroom units. Three units will be restricted to households at or below 80% of the area median income (AMI) and 11 units will be restricted to households at or below 90% of the AMI.
The architect is Placetailor of Boston, and the general contractor is One Way Development of Boston.
