BOSTON – January 2, 2024 – MassHousing is providing up to $19.7 million in affordable and workforce housing financing to JMB Property Development Company for the development of 500 Talbot Avenue in Dorchester. The new mixed-income development will create 42 new transit-oriented rental homes, including 17 workforce housing units, as well as retail space that will include a new grocery store.
The project will be built on a vacant lot near the MBTA’s Ashmont subway station and among retail amenities, open space, social service organizations and employment centers. It will include a second location of The Daily Market, an urban grocery store offering fresh produce and specialty foods.
"MassHousing is pleased to contribute to the creation of 42 new mixed-income rental homes in the heart of Dorchester," said MassHousing CEO Chrystal Kornegay. "MassHousing’s Workforce Housing Initiative helps create the new housing our growing region needs, while ensuring that moderate-income households have access to affordable rental homes."
MassHousing is supporting the development of 500 Talbot Avenue with up to $17 million in permanent financing and $2.4 million from the Agency's Workforce Housing Initiative. Additional financing sources include $16.5 million in construction financing from Enterprise Bank, $5.6 million from the Massachusetts Housing Investment Corporation’s Health Neighborhoods Equity Fund, and $1.4 million in developer financing.
The building will have underground parking for vehicles and bicycles and will feature electric vehicle chargers.
Of the 42 new apartments, 17 will be workforce housing units affordable to moderate-income households. Five of the workforce housing units will be restricted to households earning up to 70 percent of the Area Median Income (AMI), four units will be restricted to households earning up to 80 percent of AMI and eight units will be restricted to households earning up to 100 percent of AMI. The remaining 25 apartments will have rents that are not restricted. The AMI for Dorchester is $149,300 for a household of four.
There will be 26 one-bedroom apartments, 12 two-bedroom apartments and four three-bedroom apartments.
JMB Property Development will be the general contractor and management agent. The architect is Rode Architects Inc. Construction is expected to be completed in the fall of 2024.
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 $30 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.
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