Boston – MassHousing has closed on $1.3 million in affordable workforce housing financing to Austin Street Partners LLC, for the new, 68-unit 28 Austin Street in Newton, which offers 23 workforce housing apartments for lower- and moderate-income households.
The recently completed 28 Austin Street development is a public-private partnership between Austin Street Partners, a joint venture of Dinosaur Capital Partners and Oaktree Development, and the city of Newton. The project transformed the former Austin Street municipal parking lot into a 68-unit mixed-income housing community with retail space, a new public plaza and playground, and reconstructed municipal parking.
MassHousing provided Austin Street Partners with $1.3 million in affordable housing financing from the Agency’s Workforce Housing Initiative. The MassHousing funding was structured to close upon completion of the new housing. Eastern Bank provided $25.7 million in construction and permanent financing for the project.
Twenty-three of the 68 new apartments are workforce housing units restricted to households earning at or below 80% of the area median income (AMI). The remaining 45 apartments are rented at market rates. MassHousing’s financing involved the development of 13 of the 23 workforce housing units, all 23 of which have been leased and are occupied.
28 Austin Street advances the Baker-Polito Administration’s goal of creating up to 1,000 new workforce housing units affordable to middle-income households through MassHousing’s Workforce Housing Initiative. It was designed by Stantec and GreenStaxx and constructed by NEI General Contracting. It was built using GreenStaxx modular building technology, a patented design system that uses pre-engineered units that can be assembled like Lego blocks to fit any site. The management and marketing agent is the Nordblom Company.