BOSTON – Wednesday August 16, 2017 – Cruz Companies today cut the ribbon on the newly-renovated Wayne at Columbia housing development, preserving 83 units of affordable housing for the Mattapan, Dorchester and Roxbury communities.
“The re-development of Wayne will help preserve affordable housing for the next generation of Boston’s inner-city residents,” said Cruz Companies President and CEO John B. Cruz, III. “Cruz is proud to join Mayor Walsh and Secretary Ash to celebrate this milestone, which also provided major employment to area residents and minority contractors.”
Cruz was joined by Mayor Martin J. Walsh, Secretary of Housing and Economic Development Jay Ash, State Sen. Linda Dorcena Forry and City Councilor-at-Large Ayanna Pressley at the ribbon-cutting ceremony and open house, celebrating the $33 million rehabilitation.
“Preserving and improving communities has major benefits across our city, and I’m proud we were able to renovate these 83 homes,” said Mayor Walsh. “I thank all partners involved in this project as we work to ensure all Boston families have access to housing that is affordable and accessible.”
Cruz Companies recently completed the renovations, installing new roofs, kitchens, baths, energy efficient windows and doors, plumbing, flooring, masonry, paint and security systems. The project employed 258 workers logging 71,000 hours with more than 80 percent workers of color and 65 percent Boston residents.
“Preserving and maintaining affordable housing is a priority for the Baker-Polito administration and it is imperative to continued economic development in the Commonwealth,” said Secretary Ash. “This is a great example of the tremendous impact public-private partnerships can have in our communities.”
The renovation was completed with the support of the Mayor’s Department of Neighborhood Development ($900,000) and the Massachusetts Department of Housing and Community Development ($2,500,000). MassDevelopment provided $20,055,000 in tax exempt bonds, which were purchased by Eastern Bank (60%) and Cambridge Trust Company (40%) to provide construction and permanent financing for this transaction.
“This project exemplifies our ‘Join Us For Good’ mission,” said Eastern Bank Chairman and CEO Bob Rivers. “Eastern Bank is honored to support a local, minority-owned business like Cruz Companies in preserving housing for residents of Mattapan, Dorchester and Roxbury.”
About Cruz Companies: Cruz Companies is the oldest and largest minority-owned construction and real estate development firm in the region, responsible for landmark projects and developments. Cruz Companies’ mission is giving back to the community through providing employment and career opportunities to area residents, hiring local minority contractors and businesses, and increasing affordable and market-rate housing.
For more information, visit www.CruzCompanies.com.