Hunt Capital Partners Transfers its Limited Partner Ownership Interest of Two Boston Affordable Housing Developments to Local Nonprofits

BOSTON--(BUSINESS WIRE)--Hunt Capital Partners (HCP) announced the transfer of its limited partner interest of two vital affordable housing communities in Boston—Dudley Village South and Adams Court—to its nonprofit partners, Dorchester Bay Economic Development Corporation and Nuestra Comunidad Development Corporation, respectively. The strategic transitions underscore HCP’s commitment to ensuring housing security and promoting financial stability for low-income residents in Suffolk County.

The changes of ownership represent the shared mission between HCP and its nonprofit partners to provide secure and affordable housing for those in need. The strategic transfers not only enhance flexibility in managing the assets, which include plans for refinance to offer renewed housing options, but it also preserves the stock of affordable housing in Greater Boston, an area where there are only 45 affordable and available homes for every 100 low-income households.

"Dorchester Bay Economic Development Corporation and Nuestra Comunidad Development Corporation are deeply rooted in the neighborhoods they serve and possess the insights necessary to ensure that these developments continue to meet the needs of low-income Boston residents," said Hunt Capital Partners President Jeff Weiss.

Situated in the Dorchester neighborhood, Dudley Village South is a mixed-use affordable housing development that has served as a secure source of affordable housing since its construction in 2008. The mixed-use development features 26 one-, two-, three-, and four-bedroom homes, catering to families with incomes up to 60% of the Area Median Income (AMI), along with two commercial spaces. Dudley Village has been transferred to the Dorchester Bay Economic Development Corporation (Dorchester Bay EDC), a local nonprofit organization that champions the preservation and development of diverse housing options for those who make a range of income levels across Dorchester.

"We are grateful to Hunt Capital Partners for their partnership in our work to stabilize neighborhood assets like Dudley Village and prevent displacement so that our community can remain, grow, and thrive,” said Dorchester Bay EDC CEO Kimberly R. Lyle. “This is a meaningful step in Dorchester Bay EDC’s goal of securing the long-term stability of our neighborhoods in the face of the current housing crisis.”

Meanwhile, Adams Court, located in the Mattapan neighborhood, is the result of a multi-phase rehabilitation of a former property established in 1967. Adams Court comprises 95 affordable homes, including one-, two-, three-, and four-bedroom affordable homes for low-income households earning up to 60% of the AMI. The development has been transferred to Nuestra Comunidad Development Corporation, a local nonprofit organization devoted to building the health and wealth of underserved populations in Boston by enhancing the physical, economic, and social well-being.

"It has been a pleasure working with Hunt Capital Partners in the transfer of the limited partner interest to Nuestra Comunidad,” said Nuestra Comunidad Development Corporation VP of Asset Management Mario Goetz. “Working with HCP in this transfer has been very smooth in great part to their patience and attention. The transfer means a great deal to our organization and creates a path for the redevelopment of these very important properties."

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.8 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages nearly 800 project partnerships representing over 80,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.