Image courtesy of MASS Design Group
A new, all-affordable housing development is joining the multifamily pipeline along Revere Beach.
MassDevelopment, one of the state’s quasi-public development and housing finance agencies, announced last week it had issued a $23.45 million tax-exempt bond, purchased by TD Bank, to support The Neighborhood Developers’ 110 Ocean Ave. project.
The agency and the state Executive Office of Housing and Livable Communities are also contributing $20.6 million in federal low-income housing tax credit equity financing.
The 7-story TND project will include 56 units, 32 of which will be available to households making up to 50 percent of area median income and 24 for households making up to 30 percent area median income. MASS Design Group is the project architect.
The building, being developed in cooperation with prior landowner North Suffolk Community Services, replaces a seven-person group home for people seeking mental health services. That group home’s residents will be offered spots in the new building via eight group living units and 12 one-bedroom apartments for residents eligible for services through NSCS.
“NSCS deeply values our longtime partnership with The Neighborhood Developers, and we appreciate MassDevelopment’s support of this vital project,” North Suffolk Community Services President and CEO Judi Lemoine said in a statement provided by MassDevelopment. “Stable housing is a key factor in helping people with a mental health diagnosis be independent and engaged in their community. By co-locating housing with supportive services and creating a significant number of affordable units, this project is meeting many of the most pressing needs of our communities.”
The project will also include 30 two-bedroom apartments and six three-bedroom apartments of traditional affordable housing. Construction has begun and the project is expected to deliver in 2027.
“110 Ocean Avenue will bring new homes and stability to people who have long been part of this community but have struggled to find housing they can afford. Our collaboration with North Suffolk Community Services will ensure that residents not only have a place to live but also access to the supports that help people build stability and connection,” TND Executive Director Rafael Mares said in a statement.
The 110 Ocean is TND’s second in the Revere Beach corridor. The Chelsea-based affordable housing developer completed a 51-unit affordable building at 571 Revere St. on the corridor’s northern end in 2021.
