Boston-Area Community Preserves Affordability for Next 40 Years
October 23, 2018 / Laura Calugar
The Massachusetts Department of Housing and Community Development (DHCD) and MassHousing have represented the Asian Community Development Corp. (ACDC) in purchasing Martensen Village in Quincy, Mass. The 12-unit affordable housing asset had a Section 13A mortgage due to mature in March 2019. ACDC acquired it through Chapter 40T, a state law that prevents properties with expiring affordability restrictions from being sold and converted to market-rate rents. This extends the asset’s affordability for at least 40 years.