Viet-AID secures funds for Four Corners project

A $14.5 million Four Corners project put together under the auspices of the Vietnamese American Initiative for Development Inc. (Viet-AID) is moving ahead. The project recently picked up $600,000 predevelopment loan.

The Community Economic Development Assistance Corporation, which works on community development projects with state agencies, provided the loan. CEDAC also provided $450,000 to Viet-AID to purchase a part of the site.

The project includes two buildings that will replace a former auto body shop and nine vacant publicly owned lots. Viet-AID, which is based in Fields Corner, plans to build 35 affordable rental units. Nine of the units will be specifically for former homeless families.
One building will have three stories at 331-337 Washington Street and another building will have four stories at 322-336 Washington Street. There will also be 3,000 square feet of commercial space on the first floors and 23 parking spaces.

Construction is expected to start late this year and finish up at the beginning of 2016. The Boston Redevelopment Authority signed off on the project in October 2013.

“We are excited to see underutilized land in the Fairmount Corridor converted into sustainable, affordable housing,” Mayor Martin Walsh said in a statement.

 Nam Pham, Viet-AID executive director, said the project is part of his organization’s transit oriented design strategy. The project is a 10 to 15 minute walk from the Four Corners/Geneva commuter rail station.

Viet-AID has also received support for the project from the city’s Department of Neighborhood Development and the Federal Home Loan Bank of Boston.