The former Reardon’s Pub site was approved for state funding on Monday in order to build 39 units of affordable elderly housing – a plan put forth by The Neighborhood Developers (TND) and already approved locally.
The announcement came in Springfield by Gov. Deval Patrick who announced an affordable housing funding round of $83.6 million to create 24 affordable housing projects across the state.
He said it would create 1,328 units of affordable housing and more than 2,000 jobs.
“Affordable housing helps to generate jobs, grow local businesses and strengthen our communities” said Governor Patrick. “Government’s role is to help people help themselves, and sustainable affordable housing will create growth and opportunity in our communities that will last for generations to come.”
Since 2007, the Patrick Administration has invested more than $1 billion in state and federal resources to create 24,000 units of housing, of which approximately 22,000 are affordable.
The Revere project, at 189 Broadway, seeks to build a multi-story building to house elderly residents and was wildly popular amongst local officials and residents.
The state will support the Revere project with federal Low Income Housing Tax Credits, Facilities Consolidation Funds and federal HOME Funds. The development will also receive funding from the North Suburban HOME Consortium.
Of the 39 units, four will be reserved for households earning less than 30 percent of the area median income.
Mayor Dan Rizzo
“We applaud Governor Patrick and Secretary Bialecki for continuing to support affordable housing across the Commonwealth, and in this case, for supporting Revere’s efforts in partnership with TND in providing more affordable housing for our seniors and over 55 community that is desperately needed,” said Rizzo. “These 39 units will replace a deteriorating piece of property just outside our Central Business District. We will work hand in hand with TND to ensure this project is one we can all be proud of.”
In November 2012, Governor Patrick announced the Commonwealth’s goal of creating 10,000 multi-family housing units per year. By creating this type of housing, which is attractive to young families and individuals, Massachusetts is better prepared to keep in state the skilled, young workforce which employers are seeking.
“Housing is the cornerstone to economic success in the Commonwealth,” said Undersecretary of the Department of Housing and Community Development (DHCD) Aaron Gornstein. “Through key initiatives and collaborations across state government and with our local partners, we continue to ensure a stable and robust housing market for our neighbors and our communities. Expanding and preserving affordable housing opportunities for families and seniors with modest incomes is especially important.”