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"We are proud that union pension funds are helping turn this community around and providing good jobs for union members. It’s another example of the good work HIT has done in the Boston area."
The AFL-CIO Housing Investment Trust (HIT) is providing $5.1 million in financing for an ambitious new mixed-used project going up in Boston’s Dorchester community adjacent to one of the city’s major transit centers.
Named “The Carruth,” the $48.6 million project exemplifies a fast growing trend in urban development know as Transit Oriented Development or TOD. The building, with its 74 affordable rental units and 42 market-rate condominiums, will offer residents the convenience of housing just steps away from public transportation, thus helping create a denser, more walkable community that relies less on driving. The Carruth is located next to the Ashmont Peabody Square train station, which is being completely redeveloped by the Massachusetts Bay Transportation Authority. The project is part of a major redevelopment drive designed to attract new residents, visitors and businesses to the Ashmont-Peabody Square area while also making the neighborhood more pedestrian friendly. Boston Mayor Thomas Menino praised the project, calling it “a model for transit oriented development and for the type of community involvement that benefits all.”
Project developer Trinity Financial named the building after Nathan Carruth, a Dorchester merchant who in the 1800’s was instrumental in creating the Old Colony Railroad line that ran from Boston to a new stop at the Ashmont location. The new station was key to Dorchester’s ongoing development and helped lead to its eventual annexation by Boston in 1870.
The HIT has a long history of investing in Massachusetts communities, having financed thousands of housing units while creating family-supporting union jobs.
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