The City of Boston and the Fenway Community Development Corporation Celebrate the Acquisition and Renovation of the Newcastle Saranac Apartments – Boston, Massachusetts

Boston, Massachusetts 2022-06-23 14:17:57 –

Sheila Dillon, Head of Housing and Director of the Housing Mayor’s Office, developed the Fenway Community Development Corporation (CDC) on June 7, based on Boston’s efforts to protect affordable homes in Boston. Joined our partners Schochet Companies and South End. / Lower Roxbury Residents celebrate the refurbishment ribbon cut that preserved 97 affordable homes at Newcastle Saranak Apartments on Columbus Avenue and Northern Roxbury Street in South End / Lower Roxbury.

“We are proud to be with our partners to save the renters of the people who live here,” said Sheila Dillon. “We are continually designing new programs and strategies to help Boston renters. We are proud that the acquisition opportunity program has helped protect these affordable homes. Is a great success for the region and we look forward to continuing to work with Fenway CDC, MassHousing, and other partners here today to protect and maintain affordable housing stock in Boston. , We have rejuvenated the features of this building while protecting these inhabitants from evacuation and maintaining affordability in this community. “

Leah Kami, Executive Director of Fenway CDC, said: “The Newcastle Saranak family is guaranteed an affordable home for years to come, thanks to all of their efforts by Hercules.”

Richard Henken, President of Schochet Companies, said: Massachusetts Housing and Community Development Department, CEDAC, Boston Housing Department Housing Mayor’s Office. “

In 2019, due to the affordable price limit of 13A, which expires real estate, the mayor’s Housing Department worked with Fenway CDC and Schochet Companies to acquire the building and fund the refurbishment of 97 units. With support from the Boston City Acquisition Opportunity Program, Fenway CDC was able to purchase the building, protect existing tenants from migration, and maintain long-term affordability for this mixed-income property. Without this long-term storage strategy, current tenant protection was minimal and there was a risk that the entire property would be converted into a market-priced home.

Launched in 2017, the Boston City Acquisition Opportunity Program provides affordable home developers with the ability to proactively provide a fixed amount of funding to increase their competitiveness in Boston’s rapidly changing real estate market. increase. The Acquisition Opportunity Program has successfully acquired risky homes from the open market, protected tenants, and created new long-term income-restricted homes.

Of the 97 units, 82 are affordable for households with incomes below 80% of the Area Median Income (AMI), 8 of which are supported by project-based Section 8 rental subsidies and 30 of which are Massachusetts rentals. Voucher Program Supported by Vouchers. 69 units are affordable for households with incomes below 60% of the AMI.

Refurbishment of Newcastle Saranac Apartments included extensive masonry repairs, roof and window replacements, kitchen and bathroom upgrades, and mechanical, electrical, and plumbing system overhauls.

“In contrast to the market-priced home rentals in the region, the affordability of these apartments near 100 households makes their preservation particularly important to maintain the vibrancy and diversity of the neighborhood. “We did,” said Chrystal Kornegay, Executive Director of Mass Housing. “Thanks to the strong cooperation of the Federal, Boston City, Community Economic Development Support Corporation, Fenway CDC, Schochet Companies, and especially the residents of Newcastle Saranak, the community has preserved and significantly refurbished these affordable homes. I saw it done. “

The acquisition and preservation of this building was made possible by the comprehensive development program of the Massachusetts Housing Community Development Authority (DHCD), Boston Planning and Development Corporation (BPDA), and the Residential Mayor’s Office. Housing Investment Corporation (MHIC) and Community Economic Development Support Corporation (CEDAC).

Mayor Michelle Wu believes that increasing affordable housing opportunities is the basis for a fair recovery from the Covid-19 pandemic. To that end, she recently published a study to assess current linkage fees and comprehensive development levels and updated the transfer fee law. She has begun auditing city-owned real estate and recently announced a rent stabilization advisory group led by the mayor’s Housing Department. The updated transfer fee law, if passed by the Massachusetts State Assembly, will provide Boston with a transfer fee of up to 2% of the purchase price of private real estate sales in excess of $ 2 million as a means of generating additional funding at an affordable price. Gives the ability to carry out. housing.

Mayor Wu’s Housing Security Legislative Package enhances current tools to leverage Boston’s prosperity and create sustainable wealth opportunities that make Boston a more inclusive and equitable city. , Propose a new tool. The proposed housing security bill aims to help tenants, especially the elderly, stay in their homes and generate additional funding for affordable housing development refurbishments such as Newcastle Saranak Apartments.

About the Mayor’s Housing Bureau (MOH)
The mayor’s Housing Department accommodates people experiencing homelessness, creates and stores affordable homes, and enables lessors and homeowners to acquire, maintain, and maintain safe and stable homes. Responsible for This department develops and implements Boston City’s housing construction and homelessness prevention plans, works with local and national partners to find new solutions and affordable housing for everyone, especially low-income earners. To build. For more information, please visit the MOH website.

About Fenway Community Development Corporation
Fenway CDC is a 49-year-old organization that brings Fenway to life by developing affordable homes, offering programs that enrich lives, and allowing community voices to shape neighborhood decisions. We are working to maintain a diverse neighborhood full of. Fenway CDC helps community members not only find affordable housing, work and educational opportunities, but also access fresh food, financial coaching and wellness programs. The CDC’s community planning and organizing efforts advocate policies to address housing insecurity and affordable housing shortages throughout the city.

About Schochet Companies
Schochet Companies is a full-service real estate development and management company founded by Jay R. Schochet over 40 years ago. Since then, the company has developed, owned, and / or managed more than 7,000 apartments, most of which are affordable, with over 600,000 square feet of retail and commercial space throughout New England and on the west coast. Today, Schochet Companies owns and / or manages over 5,000 apartments and 100,000 square feet of commercial space throughout New England. Headquartered in Braintree, the company has more than 170 employees. For more information on Schochet, please visit:

The City of Boston and the Fenway Community Development Corporation Celebrate the Acquisition and Renovation of the Newcastle Saranac Apartments Source link The City of Boston and the Fenway Community Development Corporation Celebrate the Acquisition and Renovation of the Newcastle Saranac Apartments

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