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Boston, MA, December 12, 2016–Asian Community Development Corporation (ACDC), a 29-year-old nonprofit developer in Boston, is proud to create more affordable homes for working families at 88 Hudson Street in Chinatown. The project will create 51 condos available to families making 60 to100% of the area median income (AMI), with the majority of the condos available to families at or below 80% AMI. The $20 million project has generated 130 construction jobs to date and expected to generate an additional 220 jobs during the remainder of the project, including jobs for Chinatown residents. Construction began in May 2016, and ACDC expects completion by late 2017.
88 Hudson is Phase 2 of the Parcel 24 project and when completed, it will represent the culmination of more than a decade of planning, advocacy, and hard work to restore this site to a thriving community in Chinatown once again.
Located on historic Hudson Street in Chinatown, 88 Hudson is one of ACDC’s longtime efforts to revitalize and restore families to a part of Chinatown that was once home to hundreds of immigrants before the highway projects of the 1950s and 60s, which displaced many families living on Hudson Street, including one of ACDC’s founding board members and current board president, Paul W. Lee. “I’m proud to be working with ACDC to create affordable housing for new immigrant families on the site where I have fond memories of growing up in a vibrant, immigrant community over 50 years ago.”
The six-story development will feature 20 one-bedroom units, 22 two-bedroom units, and 9 three-bedroom units, including fully handicap accessible units. The project team consists of ACDC as the developer, Maloney Properties as the broker and management company, Utile as the architect firm and NEI as the general contractor. The project was financed by the State Department of Housing and Community Development; the City of Boston’s Department of Neighborhood Development, construction financing from Eastern Bank, and predevelopment financing from Community Economic Development Assistance Corporation.
Eligible applicants will be selected through a lottery. Interested parties should visit the website at www.88hudson.com where applicants can sign up for email alerts and request an application be sent to them when the applications become available. Applications are not yet available to be sent.
The Asian Community Development Corporation (ACDC), a 29-year old community-based organization, serves the Asian American community of Greater Boston, with an emphasis on preserving and revitalizing Boston’s Chinatown. ACDC develops physical community assets, including affordable housing for rental and ownership; promotes economic development; fosters youth leadership development; builds capacity within the community and advocates on behalf of the community. ACDC has developed over $100 million in mixed-use real estate that is home to over 1,200 residents in Boston and Quincy, and provides housing counseling and homebuyer workshops throughout the year. For more information or to sign up for a workshop, visit www.asiancdc.org.
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