Last week, Gov. Charlie Baker, Lt. Gov. Karyn Polito, Housing and Economic Development Secretary Mike Kennealy, and Housing and Community Development Undersecretary Janelle Chan announced support the creation of 643 new rental housing units in the Commonwealth, including 397 units of affordable housing.
Some of those units will be built in Revere by The Neighborhood Developers (TND) at 571 Revere St.
The planned development is a 51-unit, mixed-income new construction project located near the beach and Waterfront Square.
“These will be the only affordable housing units in that area,” said Rafael Mares, executive director of TND. “We feel this is a nice compliment to Waterfront Square.”
The Neighborhood Developers currently has 86 housing units in Revere. Department of Housing and Community Development is supporting the project with federal and state low-income housing tax credits as well as subsidy funds.
The City of Revere also is supporting the project with local funding. When completed, the project will offer 32 affordable rental units and 19 workforce rental units. Units will range from one-three bedroom units.
The awards represent an investment by the administration through more than $45 million in direct subsidy, and the allocation of more than $22 million in state and federal low-income housing tax credits.
“We will continue investing in the production and preservation of affordable housing here in Massachusetts to meet the needs of residents across the income spectrum and support the continued growth of our economy,” said Gov. Charlie Baker. “Since 2015, we’ve infused more than $1 billion in the affordable housing ecosystem, from new production to the rehabilitation of existing private and public housing stock, and we look forward to working with our partners in the Legislature to pass our Housing Choice Legislation into law, which will help communities advance new housing production and facilitate long-term, forward-thinking planning.”