MassDevelopment issues $9.5 million tax-exempt bond to Madison Williams LLC

2101 Washington Street - Roxbury, MA

Roxbury, MA MassDevelopment has issued a $9.5 million tax-exempt bond on behalf of Madison Williams LLC, an affiliate of the Madison Park Development Corp., to rehabilitate the former Tropical Foods Supermarket at 2101 Washington St. into 30 units of mixed-income housing and ground floor retail. Sixteen of the units will be rented to households earning no more than 60% of the area median income, five units at 70% AMI, and nine at market rate. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided $2.7 million in equity for the project. Eastern Bank purchased the bond.

“Madison Park’s work in the Tropical Parcel 10 redevelopment has been transformative for the neighborhood,” said MassDevelopment president and CEO Marty Jones. “Providing a variety of housing for the Commonwealth’s residents is a top MassDevelopment priority, and we’re pleased to once again support Madison Park in its crucial community development efforts.”

Founded in 1966, Madison Park Development Corp. has created a model of resident-led community development, and has evolved to become a comprehensive agency promoting the full revitalization and redevelopment of Roxbury. MassDevelopment has issued bonds on behalf of other Madison Park projects such as St. Botolph Terrace, Dudley Greenville, and Madison Park IV.

“Affordable housing is vital to overall community success,” said Madison Park Development Corp. CEO Jeanne Pinado. “We’re proud of 2101 Washington, our first mixed income rental development in Dudley Sq.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.