The Neighborhood Developers is thrilled to announce that the Massachusetts Department of Housing and Community Development (DHCD) has approved funding for 51 new homes to be built at 571 Revere Street. DHCD's approval allows TND to plan a construction start in summer 2019. DHCD provides crucial state funding that will facilitate affordable rents for families.
TND wants to thank DHCD for its approval and the following partners for their early and integral support for the development: The City of Revere, The Malden Redevelopment Authority’s HOME Program, MassHousing’s Workforce Housing Fund The Life Initiative, LISC Boston and the Community Economic Development Assistance Corporation.
You can read the Revere Journal's coverage of the news here.
571 Revere is a transit-oriented, new construction development that will create 51 new rental homes for families on a blighted, vacant property. The site is within a 10-minute walk of the Wonderland MBTA station, a five-minute walk of Revere Beach and adjacent to “Waterfront Square,” where the City of Revere has encouraged private investment and economic development through the creation of more than 600 market-rate rental apartments. 571 Revere will complement this investment by expanding housing options for households with a range of incomes.
571 Revere builds upon our successful community development work in Revere, where, since 2010, we have served more than 1,000 residents through our workforce development programs, created 86 new affordable rental homes, funded and built public parks and public art, expanded our workforce development programs of CONNECT, and hosted many community events.
Anticipated Completion: Fall 2020
Total Development Cost: $21.8 million
Development Type: New Construction
Number of Units: 51
Affordability: 6 units < 30% AMI, 5 units < 50% AMI, 21 units < 60% AMI, 19 units < 120% AMI
Development Consultant: Peter Munkenbeck
Contractor: NEI General Contracting
Equity: Boston Financial Investment Management; Dorfman Capital
Federal Low Income Housing Tax Credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Permanent Financing: MassHousing
Subordinate Debt: The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; the Malden Redevelopment Authority's HOME Program; Community Economic Development Assistance Corportation
Additional Funds: The Massachusetts Clean Energy Center; NeighborWorks America
Predevelopment and Acquisition Financing: The Life Initiative, LISC’s Equitable Transit-Oriented Development Accelerator Fund, Community Economic Development Assistance Corporation