BOSTON – MassHousing will provide $4.6 million in financing through the CommonWealth Builder Program to Broadway Capital Inc. to develop 71 new mixed-income condominiums for sale in the Gateway City of Revere. The MassHousing funding will create 18 new homeownership opportunities for moderate-income first-time homebuyers.
Broadway Capital Inc. has commenced construction and will transform a former four-story assisted living community on Salem Street into a new residential community that will also include 1,415 square feet of commercial space. Six of the new homes will be sold to first-time homebuyers earning up to 70 percent of the Area Median Income (AMI) and 12 homes will be sold to homebuyers earning up to 80 percent of AMI. The remaining 53 condos will be sold at market rates. Construction is expected to be completed in June.
“MassHousing is excited to be part of this project that is going to create homeownership opportunities for 71 households in Revere,” said MassHousing CEO Chrystal Kornegay. “As homeowners, they will begin to build equity and wealth, which they one day may pass along to a new generation. We are pleased that CommonWealth Builder will help build these new homes, with all the benefits homeownership can bring.”
“We are incredibly proud of the collaborative effort between Broadway Capital, MassHousing, and the City of Revere in bringing the North Srtand Condominiums project to fruition,” said Broadway Capital Managing Director Mikael Vienneau. “This initiative underscores our commitment to not only providing quality housing but also fostering owner occupancy and supporting the critical need for affordable housing in Massachusetts. Working hand in hand with MassHousing and the city, we have seen firsthand the positive impact these partnerships can have on communities. Together, we are making strides towards addressing the housing challenges our state faces while empowering individuals and families to achieve their dream of homeownership.”
The CommonWealth Builder Program is a landmark initiative to address the racial homeownership gap in Massachusetts by creating new homeownership and wealth-building opportunities in communities of color. It is the largest state-level program of its kind in the nation and provides market-based subsidies to support the construction of new, moderately priced, single-family homes and condominiums in the City of Boston, the state’s 26 Gateway Cities, and Framingham and Randolph. The program subsidizes the production of homes restricted to homebuyers with incomes set anywhere between 70 percent to 120 percent of their Area Median Income (AMI).
In addition to the $4.6 million in CommonWealth Builder financing from MassHousing, North Shore Bank is providing $17.5 million in construction financing and the city of Revere is providing $100,000.
The new homes will include 18 studio condos, 27 one-bedroom condos, and 26 two-bedroom condos. The general contractor is Congress Construction. The architect is Vanko Studio Architects, LLC, and the management agent is Broadway Capital Inc.
MassHousing has financed five rental housing communities in Revere involving 383 housing units and $27.1 million in financing. The Agency has also provided $144.2 million in home mortgage financing to 819 Revere homebuyers and homeowners.