MassDevelopment Issues a $13.28 Million Tax-Exempt Bond


BOSTON – MassDevelopment has issued a $13,282,012 tax-exempt bond on behalf of Codman Orlando Waldeck LLC, an affiliate of Codman Square Neighborhood Development Corporation (CSNDC), which will use proceeds to buy, renovate, and equip a 59-unit affordable housing complex in Boston’s Dorchester and Mattapan neighborhoods.

Planned renovations to Walando Homes, built in the 1960s, total $126,670 per unit and include new kitchens, bathrooms, mechanical systems, windows and finishes, and upgrades to life safety systems. Eastern Bank purchased the bond.

The Walando Homes complex is comprised of nine buildings in two locations: Waldeck Street in Dorchester features one-bedroom units for formerly homeless individuals with supportive services from Boston Medical Center, Codman Square Health Center, and the Massachusetts Department of Public Health, and Orlando Street in Mattapan features family-oriented studio, one-bedroom, and two-bedroom units. Fifty-eight units are rented to households earning up to 60% of the area median income ($72,500 for a four-person household) and one unit is rented at market rate.

“Preserving existing affordable units is a key component of our strategy to address the state’s long-standing housing crisis,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors.  “Thanks to tax-exempt financing from MassDevelopment, we can support important efforts to upgrade and modernize these facilities, improve the quality of life for residents, and maintain housing stability in these neighborhoods.”

“The state’s housing crisis, exacerbated by the pandemic, makes it critical for public, private, and nonprofit partners to work together to preserve existing affordable housing units wherever possible,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is pleased to assist Codman Square Neighborhood Development Corporation as it advances major renovations at Walando Homes.”

“Safe and affordable housing is fundamental for every person to thrive, and we are so pleased to provide our lending expertise and financing to support this project,” said Johanna Stone, Vice President and Relationship Manager in Community Development Lending for Eastern Bank. “The Walando Homes complex will provide critical housing and supportive services to low-income families and individuals, and we especially thank MassDevelopment and Codman Square Neighborhood Development Corporation for their leadership in preserving affordable housing in Boston neighborhoods.”

In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $6.6 million in equity for the project.

“We are so glad that we are able to keep residents in their homes in Mattapan and Dorchester,” said Boston Mayor Michelle Wu. “The work on the 59 units in the Walando development shows that in addition to new housing it is just as important to preserve existing housing to keep tenants in their homes. We thank our partners at Codman Square NDC and MassDevelopment for their help in making this important work happen.”

In fall 2021, Codman Square Neighborhood Development Corporation (CSNDC) celebrated its 40th year serving Codman Square and South Dorchester. Its mission is to build a cohesive and resilient community in Codman Square and South Dorchester, develop affordable housing and commercial spaces that are safe and sustainable, and promote economic stability for low- and moderate-income residents of all ages.

“In 2016, Codman Square Neighborhood Development Corporation (CSNDC) acquired this distressed property from bankruptcy court with the strong support of advocacy by existing tenants who are in need of safe and healthy housing,” said Gail Latimore, Executive Director of the Codman Square Neighborhood Development Corporation. “In part, because of the support, the judge granted ownership to CSNDC to bring the buildings up to code and ensure the residents have a stable, affordable and safe home. We received the MassDevelopment funds, State and City funding sources to acquire, renovate, and improve the 59-unit affordable housing complex. The planned renovations of the buildings have begun in the Fall of 2021 and we are looking to complete the rehab by mid-2023.”

MassDevelopment has previously supported Codman Square Neighborhood Development Corporation. In 2020, MassDevelopment provided a $500,000 award from the Brownfields Redevelopment Fund to help CSNDC assess and remediate three contiguous parcels of land to allow for the development of Four Corners Plaza, a proposed 35-unit affordable housing development. In 2019, MassDevelopment provided a $350,000 award from the Brownfields Redevelopment Fund to help CSNDC assess and remediate a former auto repair shop for future re-use as mixed-use and mixed-income buildings. In 2019, MassDevelopment issued a $10,165,755 tax-exempt bond to help CSNDC buy, renovate, and add units to Talbot Station and Norfolk Terrace, two affordable multifamily housing facilities in Dorchester.