Affordable Real Estate Overview
One Greenway, completed in 2015, is a development with 363 units of new housing, restoring the urban fabric and vibrancy of the Hudson Street neighborhood that once existed nearly half a century ago. Affordable rent and ownership units for low- and moderate-income households account for 40% of all units. Design elements include green space, community space, ground floor retail, and underground parking.
ACDC won the right to develop Oak Terrace on land owned by the City of Boston in 1987 and completed development in 1995. 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.
Tremont Village was a capital improvements project completed in 2015, with 20 units of state-owned public housing in Bay Village that borders Chinatown and the South End. Asian Community Development Corporation is renovating the property to address life safety and quality of life issues, as well as improve energy efficiency to preserve these affordable housing units for low income residents.
The Metropolitan was completed in 2004. The $89 million high-rise project includes 133 rental units ranging from $365 per month for the formerly homeless to luxury units renting at $2,600 per month. The 118 for-sale condominiums sold at prices affordable to families earning 80% of area median income to prices in excess of $1 million for the penthouse units, the first in the neighborhood.
Additionally, the Metropolitan includes community space for residents and public use; street-level retail and commercial space; and two-levels of underground parking with 283 spaces. The building is home to four grassroots non-profit organizations: Asian Community Development Corporation, Boston Chinatown Neighborhood Center, Chinese Progressive Association, and Boston Asian: Youth Essential Services. The 23-story Metropolitan is the tallest affordable housing project in the country sponsored by a community development corporation. At 46% affordable and with over 40,000 square feet of community space for public use and agencies, The Metropolitan certainly reached new heights of community development.
6 Fort Street
6 Fort Street, completed in 2012, is a 34 units of family rental residential development in Quincy, MA. The project will represent the adaptive re-use of a vacant building in a transit-oriented, Downtown Quincy Center location. The program responds to the new Quincy Center Zoning District’s Design Guidelines, while remaining sensitive to the surrounding, smaller-scale commercial and residential neighborhood.