artistspaceboston

Do you recognize this building? Good news: Soon it will be transformed into AFFORDABLE HOUSING

In Opportunities, Property Available for Rent on March 28, 2010 at 8:59 am

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At the groundbreaking:  Mayor Menino is joined by Evelyn Friedman, Director, City of Boston Department of Neighborhood Development, Boston City Councillor Michael Ross, State Representative Jeffrey Sanchez, Larry Curtis from WinnDevelopment, the developer of the building, Michael Hatfield of Bank of America, and Tom Gleason of MassHousing.

From the official City press release:   These are two 19th century mill buildings located at 154-166 Terrace Street in Mission Hill. After years of changed ownership and incomplete development plans, WinnDevelopment acquired the properties in May 2009. With support from the City, State, and Bank of America, Winn is now ready to begin construction on the $25M project that will convert the buildings into quality, mixed-income housing.

The 94,574 square-foot redevelopment will preserve the architectural features of the historic exterior of the buildings while converting the interior into 62 units of mixed-income housing spread over five stories. 43 of the units will be affordable to households between 30% and 60% AMI. The remaining 19 units will be mixed-income, of which 3 will serve as affordable artist live-work spaces.  Artists will be eligible for any unit, however the 3 units with special design features for artist needs (work sinks, extra ventilation) will have a preference for BRA Certified Artists.

Oliver Lofts will also have 8 units reserved for the formerly homeless earning at or below 30% AMI. (The 8 set-aside units will be restricted for 50-years, while the rest of the 42 low-income units will be set-aside in perpetuity.)

These 8 set-aside units represent the successful partnership of DND & BHA through the first implementation of the “Project Based Vouchers” (PBV) program. Residents living in these 8 units will have their rent subsidized by the City, so that the cost to them remains low while Winn still receives full payment.  This PVB program will last for a period of one year, and then a contract between the developer and the BHA will be negotiated for a 15-year period.

The City’s total contribution to the project is  $750K in HOME funds. DHCD contributed $2,550,500 in soft funds as well as State and Federal Low-Income Housing Tax Credits. The Project will also benefit from State and Federal Historic Tax Credits through the Massachusetts Historical Commission as well as the National Park Service. Bank of America is the Tax Credit equity investor as well as the construction lender. Massachusetts Housing Finance Agency will provide permanent debt once the project is complete.

The Artist Space Initiative gives a shout-out to WinnDevelopment, Bank of America, and MassHousing/DHCD and of course, the City of Boston and Mayor Menino, for creating new affordable housing opportunities for Boston residents. Watch with us as this building is transformed into new homes, and look for notices once construction is completed about how to apply for these deeply affordable units.

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