Revere, MA — MassDevelopment has issued a $23,450,000 tax-exempt bond on behalf of TND 110 Ocean LLC, an affiliate of The Neighborhood Developers (TND), which will use proceeds to build a new 7-story, 56-unit affordable housing development at 110 Ocean Ave. in Revere.
The development will include 32 homes rented to households earning up to 50% of area median income (AMI) and 24 homes rented to households earning up to 30% of AMI. Construction is underway and is expected to be completed in September 2027. The tax-exempt bond, purchased by TD Bank, helped the borrower achieve a lower cost of capital; Massachusetts Housing Partnership will assume the TD Bank bond and provide long-term fixed-rate financing for the project upon construction completion.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $20.6 million in equity for the project. This project also received support from the Department of Energy Resources, Boston Financial Investment Management, North Suburban Consortium, Revere Affordable Housing Trust, and Housing Ministries of New England, as well as redevelopment funding from Community Economic Development Assistance Corporation, Children’s Investment Fund, and the Life Initiative.
This project will be developed in collaboration with North Suffolk Community Services (NSCS), formerly located on the site being redeveloped, to provide resources and homes for individuals seeking mental health services. The original facility provided group living services for seven individuals, who will have the ability to return home to the updated building when construction is complete. The new building will maximize NSCS’ impact by incorporating community space for the organization to provide supportive services and classes for community members. Once complete, the project will include 30 two-bedroom apartments and six three-bedroom apartments along with eight group living units and 12 one-bedroom apartments for residents eligible for services through NSCS.
“The housing shortage has been felt across the state, but the some lack of affordable development has hit even harder. This bond bridges the finance gap to allow this project to move forward and will be a lifeline to supply Revere residents with more affordable housing options,” said Revere Mayor Patrick Keefe. “I’m confident that the collaborative work between the City of Revere and TND benefits all of our residents, and contributes to the strength of our community.”