$22 million in new funding for affordable housing announced
Building on his commitment to create more affordable housing in the City of Boston, Mayor Martin J. Walsh today announced nearly $22 million in funding for ten affordable housing developments in neighborhoods across Boston. This funding will help preserve or produce 602 housing units, 77 units of which are reserved for homeless or extremely low-income households in Boston. Today's announcement contributes to the goal of creating 6,500 new units of affordable housing outlined in Housing a Changing City: Boston 2030, Mayor Walsh's housing plan, and supports Boston's Way Home, the administration's plan to end chronic homelessness by 2018.
"Preserving Boston's affordability is key to ensuring everyone who wants to live here can afford to do so, and I'm particularly pleased this funding will both preserve and add to our existing affordable housing stock," said Mayor Walsh. "This will help us continue to build a pipeline of affordable housing, and put us one step closer towards reaching the ambitious goals laid out in our housing plan. I want to thank the Neighborhood Housing Trust for making these funds available and supporting these worthy developments. Working together with our partners, I am proud we are building a better Boston."
The funding is made possible through more than $13 million of federal and local resources awarded by the Department of Neighborhood Development (DND), and more than $8 million of linkage funds, awarded through Boston's Neighborhood Housing Trust.
With the awarding of these funds, the Walsh Administration has now committed nearly $100 million in affordable housing funding since Mayor Walsh took office. In total, the Walsh Administration has helped create or preserve more than 3,000 units of affordable housing, which includes nearly 500 units of housing for the homeless.
The following is a complete list of the developments that have received funding awards:
Hearth at Four Corners
In response to an RFP for City-owned land, Hearth Inc. was designated by the Public Facilities Commission to create 54 units of elderly housing affordable to a range of incomes. The development includes 16 units that will be set aside for extremely low income elders.
Urban Edge plans to rehabilitate and refinance an existing 29-unit, Section 8 project. The site was troubled, with a history of foreclosure and disrepair. Urban Edge plans to rehabilitate and refinance the development, preserving the existing Section 8 contract, which is scheduled to expire in 2019.
Boston Capital, Escazu Development & Dorchester Bay EDC were designated to develop the City-owned site known as 65 East Cottage. The development team will create a mixed-used development, to include 89 units of housing: 80 units of low-, moderate-, and middle-income rental housing; 9 market-rate ownership units; and a light industrial commercial building.
Four Corners Plaza
Codman Square NDC is proposing to create a 31-unit development along with 9,920 square feet of commercial space. The project would be developed on two City of Boston parcels.
Jackson Square Building M
Jamaica Plain NDC is proposing to create a 44 unit affordable rental development. Building M is the fourth project to be built under the Jackson Square Master Plan.
250 Centre Street - Building N
The Community Builders will create a 112-unit mixed-income rental development along with 2,140 square feet of retail space. Building N will be the fifth project to be constructed under the Jackson Square Master Plan.
Olmsted Green Phase IV
Lena New Boston is proposing to create a 47-unit mixed income rental development on the former Mattapan State Hospital site.
Michael Haynes Arms
Cruz Development proposes to combine five city-owned parcels and two privately owned parcels to create a 51-unit mixed-use development. Cruz Construction and Management will use the commercial space as their new headquarters.
48 Boylston Street-Phase II
St. Francis House and the Planning Office for Urban Affairs will create a 93 unit mixed-income development on Boylston Street in downtown Boston.
Fenway CDC is proposing to acquire and rehabilitate a 52-unit expiring use development on Burbank Street in the Fenway. The proposed development will protect the existing tenants from displacement and preserve the long-term affordability of this mixed income development.
To help choose appropriate developments for funding, the City of Boston has established funding priorities, based on the goals outlined in Housing A Changing City: Boston 2030. Proposals submitted are expected to fall under at least one of the priority criteria:
- Affordable housing developments that utilize City-owned land.
- Affordable housing developments targeting a mix of incomes: from units for homeless households to units targeted and restricted to incomes representative of Boston's workforce. The City prioritizes proposals that, in addition to the homeless set-aside, provide some portion of units targeting extremely low income tenancies.
- Affordable housing developments that have reduced the cost to build and/or efficiently use subsidy so that the project is able to move into construction more quickly.
- Affordable housing developments that provide units that serve the disabled community, vulnerable or special needs populations, elders, veterans, artists, aging out youth, etc.
- Acquisition of unrestricted housing developments in order to stabilize the tenancies, and provide long term affordability for a mix of incomes (i.e. unrestricted properties).
- Developments that are at risk of losing their affordability within 5 years.
- Large projects with more than 50 units of housing, of which at least 51 percent will be deed-restricted affordable units.
- Projects creating new affordable units in high-cost neighborhoods where most of the IDP funds are generated.
- Projects that contain affordable units that cannot be funded from other subsidy sources available under this RFP, or through the Neighborhood Housing Trust RFP.
- Projects that can quickly acquire existing unregulated units and convert them into long-term affordable housing.