Franklin Park
Boston, MA
PROJECT DESCRIPTION
Franklin Park Apartments is comprised of 220 scattered-site residential units and four commercial storefronts located on 12 land parcels in Boston’s Dorchester and Roxbury communities. The project involved the substantial rehabilitation of the aging development to preserve the property and bring it up to contemporary standards.
Franklin Park Apartments were built in the early 1900s and redeveloped in 1974 by the Commonwealth of Massachusetts to help meet the housing needs of low- and middle-income families. Over 70% of the total units are currently occupied by low-income families earning less than 50% of area median income (AMI) and receiving Section 8 rental assistance. Families occupying the other units earn less than 60% of the AMI.
HIT ROLE
To help finance the $34 million rehabilitation project, the HIT purchased $25.7 million in securities issued by MassHousing for the project’s construction and permanent financing. The HIT was able to provide flexible financing to meet the needs of the developer.
The Franklin Park project is part of the HIT’s Massachusetts Housing Initiative, which focuses on helping the state overcome a serious shortfall of affordable homes available to low- and moderate-income families.
SOCIAL IMPACT
By financing the rehabilitation of the Franklin Park property, the HIT helped to preserve an important affordable housing development that has been home to hundreds of lower-income families for over 35 years.
Work on the project generated an estimated 224 union construction jobs.*
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.