The 71-unit Gateway Residences on Washington in Lynn received a total of $21 million in financing including resources from MassHousing's Housing Opportunity Fund to ensure that 10 units are reserved for middle-income households
MassHousing has closed the first loan through its $100 million Workforce Housing Initiative to create more housing opportunities for middle-income residents in Massachusetts.
The Agency closed loans for $21 million in financing for the 71-unit Gateway Residences on Washington in Lynn, including 10 apartments that will be reserved for households earning between 70% and 100% of the area median income (AMI).
Washington Gateway Associates Limited Partnership, a collaboration between Lynn Housing Authority and Neighborhood Development and Hub Holdings is currently building the mixed-income six-story housing community on Washington Street adjacent to North Shore Community College.
"When you consider the tremendous need for housing that middle-income residents and working families can afford we are very pleased to complete this first transaction of our Workforce Housing Initiative through our Housing Opportunity Fund," said MassHousing Executive Director Tim Sullivan. "As housing costs continue to rise middle-income residents are being priced out of communities where they want to live and the Gateway Residences is a prime example of how new housing can accommodate a range of residents' incomes."
MassHousing's $100 million Investment for Workforce Housing:
- Targets individuals and families with incomes between 61% and 120% of AMI.
- Provides up to $100,000 of subsidy per workforce housing unit to create 1,000 new units of workforce housing statewide.
- Leverages strategic opportunities to use state-owned land.
- Consists of newly constructed units or refinancing of a housing community where new units of workforce housing will be created.
- Remains consistent with development financing in MassHousing's enabling statute ensuring that in addition to the workforce housing tier, at least 20% of the units in a financed development will be affordable to households at or below 80% of AMI.
- Requires that workforce affordability remains in place for at least 30 years.