Experience And History
Developer’s History and Experience
East Boston Community Development Corporation (EBCDC) grew out of the joint efforts of the East Boston Neighborhood Council, founded in the 1930’s as a civic improvement association, and the planning office for urban affairs of the Roman Catholic Archdioceses of Boston. Founded in 1970, EBCDC has a long-standing and strong foundation in East Boston and a demonstrated commitment to local improvement and development. The corporation’s overall goal is “to enhance the quality of life of low and moderate income residents, including our elderly population through economic development activities.”
EBCDC has achieved success in reaching their goals through implementation of a variety of programs in the areas of business development and technical assistance, physical development, job creation and provision of social services. EBCDC has gained this success while reaching profitability in each of the ten years. We have retained earnings of 7.7 Million dollars. Our subsidiaries and associated entities control more than 50 Million dollars in assets.
Activities of the EBCDC include:
- The construction/rehabilitation and sale of 130,000 square feet of industrial and commercial space. All properties were fully leased, providing income generation as community-based resources and jobs for 340 residents for our low income community.
- Operation of the East Boston Local Development Corporation, licensed by the SBA as a 504 Certified Development Corporation. This subsidiary organization has developed over 150,000 square feet of commercial space providing more than 500 jobs.
- Operation of a Revolving Loan Guarantee Program which has secured 54 loans for East Boston merchants totaling $2,140,000 and employ 448 local residents.
- Leverage of $6.1 million in grants to produce more than $26.7 million in projects creating over 2,800 new jobs; 940 (34%) employment opportunities were filled by minority applicants.
- Purchase, development and sale of US Post Office building to local entrepreneur. Building provides 15,000 sq. feet of commercial space and has created 50 jobs.
- Constructed 10 condos on three sites Marginal, Lexington & Trenton Streets for first time home buyers and marketing the Webster School Condominiums 5 units of MHFA affordable condos.
- Developed and supported various Human Service Programs, the most prominent of which is the Little Folks Day Care Center, Meridian House, East Boston Relief Station Restoration, Maverick Housing Family Counseling Center and Shining Star Daycare Center.
- 25% partner of the Trinity Financial team responsible for the development (new construction) of 30 units of affordable owner occupied condos in East Boston’s waterfront. EBCDC successfully marketing, processed and obtained BRA approval for 30 eligible households to acquire the condos.
- The development of 711 units of affordable housing.
- A successful history of providing housing management of 505 affordable rental units.
- Barnes School – Renovation and construction of 74 units of affordable elderly housing, adult day care and cultural center, first development in the country utilizing HUD 202 funding with low income tax credits and historic tax credits.
- Purchase and development of 32 units for affordable first time homeowners in the City of Boston sponsored Homestead Program.
- Took control and redeveloped the Gumball Condos containing 45 units from Phase I and an unfinished shell from Phase II. EBCDC took control of 24 units, demolished the shell, stabilized the finances and achieved greater than 90% owner occupancy.
- Atlantic Works – Renovation and construction of 28,000 sq feet of commercial space to provide affordable community space to a non-profit day care center (Little Folks) and workspace for 44 local artists. The building includes an art gallery as well as the Atlantic Works Cultural Center.
- Maverick Landing – 25% partner of Trinity Financial development team responsible for the construction of 430 units as part of the Maverick Hope VI Project.
- Zumix – Renovation and construction of an existing fire station to house a non-profit that will provide various training and education of music and related areas to children. Using New Market Tax Credits provided by MHIC, renovations started and expecting to be completed October 2009.
EBCDC. Inc. has co-sponsored five (5) HUD Section 202 projects, three (3) of which have been in collaboration with the East Boston Neighborhood Health Center – the Lyman School, Lewis Mall and Cheverus School Apartments. EBCDC’s property management division, Metro Management serves as the property manager for the following complexes:
- The Lyman School Apartments – Renovation of a former school building to create 45 units of housing for the frail elderly and disabled. The cost of this project was approximately $2.2 million.
- The Lewis Mall Apartments – New construction of a 47 unit complex for the frail elderly with a development cost of over $3.5 million.
- The Cheverus School Apartments – 47 units of housing renovating a former city-owned elementary school building. Development cost – $3.6 million.
- Villa Michelangelo – This former city owned school building local in the North End of Boston provides 71 units of housing. A HUD grant of $5.5 million contributed to the development cost of this project.
- The Barnes School Apartments – 74 units of elderly housing, first development in the community utilizing HUD 202 funding with low income credits.
EBCDC has extensive experience in property management though Metro Management, a division of EBCDC. Presently, services include the implementation of marketing rental activities, rent collection, preparation of operating budgets, and implementation of all rules and regulations as required by the funding agent. Such services are provided to 505 residential units, in twelve separate developments. The services included maintaining reporting requirements and compliance for low income tax credits and historic tax credits. In addition, EBCDC owns and manages commercial properties that require compliance with rules and reporting for New Market Tax Credits.
Metro Management has a proven record of efficient management and maintenance of its developments which are reflected in annual property management reviews conducted by MHFA and HUD.