BOSTON – MassHousing has closed on $16.4 million in reasonably priced housing financing to Alinea Capital Companions for the event of 10 @ eighth, which is able to embody 52 new rental properties in downtown New Bedford.
The brand new flats will probably be constructed in a five-story constructing on a web site containing a vacant former Registry of Motor Automobiles constructing and a car parking zone. The vacant constructing will probably be demolished, and the brand new constructing will characteristic first-floor business house with the 52 rental items on the higher flooring. The brand new housing will probably be centrally situated close to regional public transportation, New Bedford Metropolis Corridor, the College of Massachusetts at Dartmouth’s School of Visible and Performing Arts, the Zeiterion Theatre, the Whaling Museum and a group of artwork galleries, eating places, and different city facilities.
“To have the ability to redevelop an underutilized parcel within the coronary heart of New Bedford into a brand new housing neighborhood that will probably be reasonably priced to 52 households is an thrilling alternative for town and the residents who will name 10 @ eighth residence,” stated MassHousing CEO Chrystal Kornegay. “MassHousing is happy to be a part of this effort that’s going to supply the undertaking’s new residents with housing stability and financial alternatives in better New Bedford.”
“After years of collaboration with the Metropolis of New Bedford and neighborhood leaders, we’re happy to start building of this landmark growth. New Bedford’s working households deserve housing that’s handy, engaging, and reasonably priced,” stated L. Duane Jackson, Managing Member of Alinea Capital Companions, LLC. “This undertaking wouldn’t be potential with out the assist of the Workplace of the Mayor and the private and non-private companions who invested time and capital to create a viable construction to realize long run long-term affordability for the residents of town. As New Bedford turns into a hub of America’s rising offshore wind business, we’re proud to be a important a part of constructing the Whaling Metropolis’s vibrant future.”
MassHousing is offering Alinea Capital Companions with $2.2 million in everlasting financing and $14.2 million in tax credit score fairness bridge financing.
Different financing sources embody roughly $17.4 million in tax credit score fairness from an allocation of state and federal Low Earnings Housing Tax Credit by the Massachusetts Govt Workplace of Housing and Livable Communities (HLC), $8.92 million in direct assist from HLC, together with $6.9 million in American Rescue Plan Act (ARPA) financing, $15.6 million in building financing from JPMorgan Chase & Firm, $3 million in New Bedford ARPA and CGBG financing, $1 million by means of the Reasonably priced Housing Belief Fund, which MassHousing manages on behalf of HLC, $54,889 in Photo voltaic Tax Credit score financing, and $34,676 in Mass Save financing. The Massachusetts Housing Funding Company would be the tax credit score syndicator and investor.
Of the 52 new flats, eight will probably be restricted to households incomes as much as 30 p.c of the Space Median Earnings (AMI) and supported by a federal Part 8 Housing Help Fee contract, 36 flats will probably be restricted to households incomes as much as 60 p.c of AMI, and eight flats will probably be for households incomes as much as 80 p.c of AMI. There will probably be 12 one-bedroom flats, 36 two-bedroom flats, and 4 three-bedroom flats.
The contractor will probably be D.F. Pray, the architect is DHK Architects, and the administration agent would be the WinnCompanies. Building is anticipated to be accomplished by June 2025.
MassHousing has financed 10 rental developments in New Bedford involving 1,831 housing items and $163.3 million in whole financing. The Company has supplied 2,395 residence mortgage loans to 2,389 New Bedford homebuyers and householders with $283 million in unique financing.