PROJECT SUMMARY:

Boston Bay and Hope Bay are two adjacent affordable housing properties comprising 133 family units located in the Dorchester neighborhood of Boston, Massachusetts. The properties, located at 205 Magnolia Street (Boston Bay) and 5 Norwell Street (Hope Bay), consist of 20 buildings across two scattered sites originally constructed between 1890 and 1920. This acquisition rehab project represents HVPG’s first preservation endeavor in Massachusetts.

FINANCING AND SUBSIDY:

Total project costs related to this preservation project are approximately $52.5 million, funded through a Fannie Mae loan provided by KeyBank.

To ensure long-term affordability for residents, HVPG secured new HUD Project-Based Section 8 HAP contracts covering 100% of the units, which are leased to income-qualified residents. These contracts limit household rental payments to 30% of annual income.

RESULTS:

• A ~$52.5M investment into Boston’s affordable housing supply
• Long-term affordability preserved for decades to come with new project-based Section 8 HAP Contracts
• Comprehensive renovations prioritizing water-saving and sustainability measures, enhanced site security, and renovated common areas to improve resident quality of life
• Partnership with Pinata for credit building and renters’ insurance services
• Retention of UHM Properties for continuity in resident services programming
• No displacement of residents

SCOPE OF WORK:

HVPG is planning approximately $6.4 million in renovations, averaging ~$48K per unit. The comprehensive scope of work prioritizes building modernization, water-saving upgrades, enhanced security, and resident quality of life improvements.

Unit improvements include complete kitchen and bathroom upgrades with water-saving fixtures, quartz countertops, energy-efficient appliances, and modern finishes. Common area enhancements feature corridor renovations, security camera and access control systems, façade power washing, exterior LED lighting, and entry beautification with new signage, plantings, and fencing.

HVPG will implement its signature Community Enhancement Program with enhanced security systems and roaming guard patrols. Through a partnership with Pinata, residents will have access to credit building and renters’ insurance services. HVPG will retain UHM Properties as onsite property management to ensure continuity of resident services programming.