The Neighborhood Developers (TND) is developing a 51-unit mixed-income community with the help of financing from MassHousing.
The nonprofit’s 571 Revere St. development will provide housing for households across a broad range of incomes, including 19 workforce housing units.
“By transforming a vacant parcel into a new, modern community of affordable and workforce housing, The Neighborhood Developers will help ensure that a revitalized Revere Beach remains welcoming and accessible to residents of all means,” says MassHousing executive director Chrystal Kornegay.
MassHousing is providing TND with a $6 million permanent loan and $1.9 million in workforce housing financing from the agency’s Workforce Housing Initiative.
Other funding sources include $9.3 million in federal and state low-income housing tax credits and $1.3 million in direct financing from the Massachusetts Department of Housing and Community Development (DHCD), $1.2 million in HOME financing from the North Suburban Consortium, a $206,511 sponsor energy grant loan, $1.1 million in financing from the Community Economic Development Assistance Corp., and $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD. Santander Bank will provide construction financing.
The energy-efficient housing will be constructed in a six-story building on a vacant site two blocks from Revere Beach and within walking distance to the Massachusetts Bay Transportation Authority’s Wonderland subway station. The apartments will be on the top four floors of the building, with garage parking on the first two levels.
Thirty-two apartments will be affordable for households earning at or below 60% of the area median income (AMI), with six of those units further restricted for vulnerable low-income households earning at or below 30% of the AMI and five of the affordable units further restricted for households earning at or below 50% of the AMI. The remaining 19 apartments will be workforce housing units for households earning at or below 90% of the AMI. The AMI for Revere is $113,300 for a household of four.
Eight apartments will be subsidized by a federal Section 8 project-based Housing Assistance Payment contract, and three apartments will be subsidized through the Massachusetts Rental Voucher Program. There will be 26 one-bedroom, 21 two-bedroom, and four three-bedroom apartments.