Developments > 110 Ocean Avenue
A loan to fund predevelopment costs related to the proposed 110 Ocean development in Revere, MA. The project will create 56 units of affordable rental housing for families and individuals along with clinical space to be leased and operated by North Suffolk Community Services (NSCS), the current owner. The project includes a replacement of group home living arrangements (8 SROs) currently located at the property plus 48 new apartments: 2 units with 4 bedrooms each of group living arrangements; 12 one-bedroom units, 30 two-bedroom units and 6 three-bedroom units, all affordable to households earning less than 50% of the area median income. Twenty-eight units (50%) will be restricted to households earning less than 30% of the area median income, including twelve one-bedrooms for DMH clients. The CMF project will include only the 48 traditional rental units, not the 8 SRO group home component.
110 Ocean Avenue
Project at a Glance:
Location:
Revere
Sponsor:
The Neighborhood Developers, Inc
Number of Units:
56
A loan to fund predevelopment costs related to the proposed 110 Ocean development in Revere, MA. The project will create 56 units of affordable rental housing for families and individuals along with clinical space to be leased and operated by North Suffolk Community Services (NSCS), the current owner. The project includes a replacement of group home living arrangements (8 SROs) currently located at the property plus 48 new apartments: 2 units with 4 bedrooms each of group living arrangements; 12 one-bedroom units, 30 two-bedroom units and 6 three-bedroom units, all affordable to households earning less than 50% of the area median income. Twenty-eight units (50%) will be restricted to households earning less than 30% of the area median income, including twelve one-bedrooms for DMH clients. The CMF project will include only the 48 traditional rental units, not the 8 SRO group home component.