$26M bond helps renovate Roxbury housing

Mass Development has issued a $26.5 million tax-exempt bond on behalf of Madison Park IV 2011 Limited Partnership, which will use bond proceeds to buy and renovate Madison Park, an affordable housing complex in Boston’s Roxbury neighborhood.

The 143 units of the townhouse-style rental complex are affordable. Renovations include roof and siding replacement; windows; additional insulation; high-efficiency heating and hot water systems; and fire alarm systems, as well as site work and interior finish improvements. Bank of America purchased the bonds and is providing construction financing. .

Madison Park IV, built in 1980, is part of Madison Park Village, a 546-unit residential community of predominantly low-income families. Madison Park Development Corp. developed the village after several whole blocks of homes in Lower Roxbury were destroyed as part of an urban-renewal project in the 1960s. The village setting provides community space and playgrounds for residents.

Madison Park Development Corp. was one of the first community organizations in the country to reclaim urban renewal land and redevelop it into a new community. The bond financing and renovations are part of Madison Park’s long-term plan to preserve the property as quality affordable housing.