Boston – 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 Street in Revere.
The MassHousing financing will allow The Neighborhood Developers to construct 51 units of new affordable housing for households across a broad range of incomes, including 19 new workforce housing units.
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% of the Area Median Income (AMI), with six of those units further restricted for vulnerable low-income households earning at or below 30% of AMI, and five of the affordable units further restricted for households earning at or below 50% of AMI. The remaining 19 apartments will be workforce housing units for households earning at or below 90% 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.
The general contractor will be NEI General Contracting, the architect is Arrowstreet and the management agent is WinnCompanies.