Dorchester Bay Economic Development Corporation

Project development:project development acquires, constructs and redevelops real estate in our service area with the goal of reducing blight, improving the neighborhood, creating and preserving affordable housing, as well as commercial space that provides jobs, services and places for businesses to grow and thrive. In 2021, we completed construction on indigo block, which transformed a blighted property into 9 homeownership condo units, 80 income-restricted apartments, approx. 23,000 s.f. Of commercial space, and a playground; the project also included improvements to the surrounding public infrastructure. In 2022, we completed the historic rehabilitation of the pierce building, which presently houses several community nonprofits. In 2024, we completed construction on 9 leyland, which converted an empty lot into 43 new units of affordable senior housing.

Loan programs:loan programs provide one-on-one pre-loan and post-loan technical assistance to small business entrepreneurs and borrowers. The business loan fund offers direct loans from $500 to $250,000 (both db capital and sba loans). Dbedc's two-pronged strategies of developing commercial real estate and lending to businesses reinforce each other by creating physical spaces for business and strengthening internal business capacity. Commercial revitalization is giving new life to the commercial districts in our area. We have completed loans to a wide array of different types of businesses.

Asset management:asset management focuses on the long term stewardship of the dbedc properties by seeking out physical, social, financial, environmental and policy opportunities that would maximize the value of the portfolio as well as improve the lives of the residents in the properties. At least 1.1 million dollars was spent in capital improvements in the portfolio to make sure the properties remain in good physical shape. 100% of the properties are being tracked on energy efficiency software and on average the portfolio had a 99% occupancy rate. All properties met the debt service requirements.