Asian Community Development Corporation (ACDC) won the right to develop Oak Terrace on land owned by the City of Boston in 1987 and completed development in 1995, skillfully maneuvering and thus surviving the deep recession of the late 1980’s and early 1990’s. Oak Terrace is one of the earlier developments in the country to utilize the now standard Low Income Tax Credit (LIHTC) program and was then the first new construction project in Chinatown in over two decades.
Today, this 88-unit building is home to over 300 residents, the majority of whom have low to moderate incomes. It provides space for community meetings, local businesses, and health care practitioners.
Visit the FHLB Boston page about Oak Terrace.