December 13, 2019
MassHousing has committed $7.9 million in affordable housing financing to non-profit The Neighborhood Developers (TND) for the construction of 571 Revere Street in Revere. The MassHousing financing will allow TND to construct 51 units of new affordable housing for households across a 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. In addition to the MassHousing financing, other funding sources include $9.3 million in federal and state Low-Income Housing Tax Credit equity, $1.3 million in direct financing from the Massachusetts Department of Housing and Community Development (DHCD), and $1.2 million in HOME financing from the North Suburban Consortiums well as $1 million from the Affordable Housing Trust Fund.
“The 51 new affordable homes at 571 Revere Street 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 Rafael Mares, TND’s Executive Director.
For comments, questions or concerns, please contact David Cohen