MassHousing announced it has closed on $2.2 million in loans
for the Greenway Apartments on Maverick Street. The loans
will now ensure that 21 of the 27 units will be affordable indefinitely.
Back in November 2012, community leaders and elected officials joined the East Boston Community Development Corporation (CDC) to cut the ribbon on 170 Maverick St.–a 27 unit affordable housing project.
This month, MassHousing announced it has closed on $2.2 million in loans for the 27-unit Greenway Apartments. MassHousing provided $2.2 million in permanent financing for the project, which is now fully occupied. All 21 affordable 2-bedroom apartments will be affordable in indefinitely according to MassHousing Executive Director Thomas Gleason.
“There was a great amount of interest in the Greenway Apartments from residents looking for an affordable place to live in East Boston,” said Gleason. “The development is completed and occupied and will be an important affordable housing resource in East Boston for many years to come.”
Two vacant buildings were demolished to make way for the new, four-story, energy efficient building with 21 two-bedroom units and 6 three-bedroom units.
In addition to the MassHousing financing, the project also received $1 million from the Affordable Housing Trust Fund, which is managed by MassHousing on behalf of the state Department of Housing and Community Development.
The Boston’s Zoning Board of Appeals (ZBA) approved the project in October 2010 and the project was given the green light by the Boston Redevelopment Authority (BRA) in 2011.
The CDC’s original plan was to construct a 30 unit, five story building on the half acre site but after several community meetings decided to reduce the number of units to 27 and the height of the building to three stories.
Both the ZBA and BRA voted unanimously in support of the project. In their decision the agencies said it would add more affordable housing for Eastie residents during these tough economic times.
The contractor for the project was Landmark Structures; the architect was Michael A. Interbartolo Jr. and the management agent is Metro Management, a subsidiary of the East Boston CDC.