The Massachusetts Development Finance Agency has issued a $14.6 million tax-exempt bond on behalf of CEDC Oxford Ping On LLC, which will use the proceeds to build a 10-story building in Boston's Chinatown neighborhood on the site of a paved parking lot.
The development will contain 67 rental units consisting of 48 studios, 16 1- bedroom units, and three 2-bedroom units. One 1-bedroom unit will serve as a rent-free live-in property manager's unit. The remaining 66 residences will be affordable to households earning no more than 60% of the area median income. Seven of these units will be affordable to households earning no more than 30% of the area median income.
"The Oxford Ping On project will fill a gap in Chinatown's housing supply with this affordable housing development, and we applaud CEDC Oxford Ping On LLC for taking on this important project," said MassDevelopment president and chief executive Marty Jones.
CEDC Oxford Ping On LLC is an affiliate formed by Chinese Economic Development Council, which works to enhance the economic development of the Chinese community in Boston, and helps low-income Asian residents of Chinatown achieve economic and social self-sufficiency by developing affordable housing, incubator office space, and employment training programs.
In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income housing tax credits, which provided roughly $10.9 million in equity for the project.
MassDevelopment, the commonwealth's finance and development agency, financed or managed 314 projects during fiscal 2014 that generated investment of more than $2.9 billion in the Massachusetts economy.