Three buildings in the Wayne Apartments complex received $9.9 million tax-exempt bond from the state’s development agency. The bond proceeds will be used to buy and renovate the three buildings, making up 72 units of affordable housing in Dorchester.
The renovations will include new kitchens, bathrooms, heating systems, roofs, windows, flooring, masonry, a new coat of paint, and a sprinkler system, according to MassDevelopment, the state agency. Eastern Bank bought the bond and Cruz Development is sponsoring the project.
“The Wayne at Franklin Hill affordable housing project preserves much-needed high quality family housing to Dorchester,” Thomas Beard, vice president of community development lending at Eastern Bank, said in a statement. “Eastern Bank is proud to partner with MassDevelopment and Cruz Development on an effort that will improve the quality of life for many families living and working in Dorchester.”
The improvements come to an area with high unemployment, and the project plans to use 70 percent of construction workers and subcontractors from Boston, according to Cruz Development.