71-unit, Gateway North in Lynn will include 10 units for moderate-income residents
Construction is underway for Gateway North in Lynn, a 71-unit mixed-income housing community that was the first to be financed through MassHousing’s $100 million Workforce Housing Initiative to create up to 1,000 workforce housing units for middle-income households.
Gateway North is being developed by the Lynn Housing Authority and Neighborhood Development (LHAND) and Hub Holdings LLC.
The project will deliver 71 units of rental housing to downtown Lynn, including 53 affordable units, and 10 workforce housing units for moderate-income residents.
Governor Charlie Baker launched MassHousing’s Workforce Housing Initiative at a ceremony at the Gateway North project site in May.
"The Gateway North project embodies our administration’s commitment to harnessing mixed-income housing development to deliver new community development opportunities," said Governor Baker. "This project will deepen Lynn’s downtown revival, while opening up new affordable housing opportunities for working families. And, by spurring the construction of new workforce housing, this project will become a showcase for our administration’s new workforce housing fund, which will help make the Commonwealth a more affordable place to live for a broad cross-section of Massachusetts residents."
MassHousing provided $21 million in financing for Gateway North, including $1.6 million in Workforce Housing funding and the AFL-CIO’s Housing Investment Trust was an investor in the transaction.
"We are very pleased that this first housing community financed through MassHousing’s $100 million Workforce Housing Initiative is under construction and will provide quality, affordable housing for working households in Lynn," said MassHousing Executive Director Tim Sullivan. "Our partners in this project – LHAND, Hub Holdings, DHCD and the AFL-CIO Housing Investment Trust – are deeply committed to creating housing opportunities for middle-income residents who are being squeezed out of the housing market by increasing rents that are outpacing their incomes."
Sullivan recently joined Department of Housing and Community Development (DHCD) Undersecretary Chrystal Kornegay, Congressman Seth Moulton, Mayor Judith Flanagan Kennedy and other dignitaries and project partners at a groundbreaking event for Gateway North at the construction site at 700 Washington St. in Lynn.
"This project is a big win for the City of Lynn and surrounding communities," said Congressman Moulton. "Ensuring that our Massachusetts families have access to quality, affordable housing should be among our top priorities, and I’m proud that Lynn will be a leader in this effort. I commend Governor Baker and our leadership at the State House for their work to make this project a reality and look forward to the new opportunities that this development will bring for Lynn’s lower Washington neighborhood and the city as a whole."
DHCD awarded the project $3.75 million in affordable rental subsidies, and with federal and state Low-Income Housing Tax Credits that will generate $12.7 million in financing for the project.
"Gateway North helps deliver on our commitment to build more housing that serves the needs of low-, moderate-, and middle-income families," said Undersecretary Kornegay. "New housing production grows the economy and strengthens communities. Not only does Gateway North bring over 70 new units of housing to Lynn, it also advances the city’s vision for transforming the Washington Street corridor. We are proud to support a project that furthers many of our shared goals in Lynn."
The Gateway North project implements the vision established in Lynn’s 2008 Washington Street Gateway Plan, a comprehensive plan that seeks to revitalize the Washington Street corridor through new transit-oriented development, including retail and housing.
"The significance of this project cannot be overstated," said Mayor Flanagan Kennedy. "Not only are we taking severely underutilized property and converting it into much-needed workforce housing, we will also be attracting new residents to an area of the city that is ripe for redevelopment. We are appreciative of the state's willingness to invest in Lynn."
"The LHAND staff has worked tirelessly over the last seven years making this vision into a reality," said LHAND Executive Director Charles Gaeta. "We are pleased to see the hard work finally come to fruition and we are excited for the positive transformation it will bring to this important gateway neighborhood. Gateway North is a shining example of city, state, federal and private collaboration towards achieving much needed development in the City, serving as a catalyst for more to come."
Gateway North is expected to be completed by the spring of 2018.
"It takes a significant collaboration to address our current need for housing, and we have been gratified to be able to work with the AFL-CIO, the City of Lynn, Boston Capital, and the Commonwealth of Massachusetts to turn Gateway North into reality – into homes for families in Lynn," said Tom Bauer, Managing Principal of Hub Holdings LLC. "MassHousing recognized the potential and provided valuable assistance, and we salute the work of our team, including Bilt Rite Construction, The Architectural Team, and Pinck & Co."