An 85-unit income-restricted rental housing complex going up on Chinatown’s Harrison Avenue has secured just under $26 million in funding, developers announced in a release Tuesday — showing staunch support for fostering affordable housing opportunities in the area.
“A key piece to solving the state’s housing crisis is reimagining underutilized spaces and recognizing the development potential of such properties,” said Dan Rivera, president and CEO of MassDevelopment, noting the company is “proud” to partner to fund the project.
The complex, proposed by Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), is set to go into a parking lot at 288 Harrison Ave. currently serving the Tai Tung Village affordable housing community.
The $26 million tax-exempt bond was issued by MassDevelopment and bought by Citizens, in addition to $22.7 million in federal low-income housing tax credits.
“The provision of tax-exempt financing is crucial in bringing the project to life and capturing even greater use out of Tai Tung Village’s parking lot,” said CCBA President Felix Lui.
The building will host various income-restricted residences from one to three bedroom units: 22 reserved for households earning up to 80% of the area median income (AMI), 18 units for households earning up to 60% of AMI, 28 units for households earning up to 50% of AMI, and 17 units for households earning up to 30% of AMI. For a four-person household, 80% of AMI is $111,850 and 30% is $42,060.
BPDA granted the building permit and construction on the project began in December 2022. The building is scheduled to be completed in fall 2024.
Beacon Communities CEO Dara Kovel said the project is an important opportunity to utilize “one of the few remaining developable parcels in Chinatown, a neighborhood with rapidly rising rents,” for affordable housing.
The project is set to be followed by two more housing developments in Chinatown recently approved by the BPDA — 110 income-restricted affordable units at 48 Hudson Street and 126 mixed-income rental units at 41 LaGrange Street.
Affordable housing projects in the area, said Mayor Michelle Wu, are of the “utmost importance.”
“Chinatown is part of the fabric of Boston, and we must do everything in our power to protect it,” Mayor Michelle Wu said. “This means not just preserving existing buildings, but also creating new, affordable housing options for those who need it most.”