Franklin Hill Gets $45M, 152 New Units

DORCHESTER, MA-Enterprise Community Investment Inc. is partnering with Trinity Financial, Inc and the Boston Housing Authority to build 152 new affordable rental units at Franklin Hill here. Enterprise will invest $45-million, its largest Low-Income Housing Tax Credit equity to date, to assist in the construction and redevelopment Franklin Hill Phase II.

“We are very excited about the positive impact that this redevelopment will have on Franklin Hill residents and surrounding Dorchester community,” said Kenan Bigby, project manager for Trinity Financial, in a statement. Trinity and the Boston Housing Authority completed Phase I of the Franklin Hill redevelopment, consisting of two buildings with 90 affordable housing units and 24 rentable townhouses.

The project will be separated into two sections. Franklin Hill 2A will have a five-story apartment building and eight townhouses on four acres. Of the 114 total units at site 2A, 110 will be available to households at or below 60% of the area median income. Households between 60% to 80% of area median income can choose between the four units still available. The total development cost of site 2A will be $42 million.

Franklin Hill 2B redevelopment will provide 38 mixed-income family homes on 1.8 acres. All 38 homes will be made available for households at or below the 60% median income. This site will total $21.5 million by its completion.

“We welcome Enterprise’s financial commitment to Franklin Hill and the Boston Housing Authority and see this as the start of an ongoing relationship,” said BHA Administrator Sandra B. Henriquez, in a prepared statement. “Public-private partnerships such as this one further our joint missions to rebuild affordable communities.”