MassHousing Commits $7.9M to Revere Street Project
MassHousing has committed $7.9 million in affordable housing financing to the non-profit The Neighborhood Developers (TND) for the construction of the 571 Revere St.
The MassHousing financing will allow TND to construct 51 units of new affordable housing for households across a broad range of income, including 19 new 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,” said MassHousing Executive Director Chrystal Kornegay. “TND is a strong, mission-based developer, and MassHousing is pleased to be part of the team making this important project a reality.”
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.
The new, 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 MBTA’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 percent of the Area Median Income (AMI), with six of those units further restricted for vulnerable low-income households earning at or below 30 percent of AMI, and five of the affordable units further restricted for households earning at or below 50 percent of AMI. The remaining 19 apartments will be workforce housing units for households earning at or below 90 percent of AMI. The AMI for Revere is $113,300 for a household of four.
Eight of the 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 apartments, 21 two-bedroom apartments, and 4 three-bedroom apartments.
“571 Revere St. is a transit-oriented development; the 51 new affordable homes will not only be steps away from the beach, but also within easy walking distance of the Wonderland MBTA Station and the MBTA 116 bus line,” said TND’s Executive Director Rafael Mares. “This project wouldn’t be possible without MassHousing’s commitment of affordable housing financing and its partnership.”