Mixed-income Gateway Residences in Downtown Lynn breaking ground Tuesday
Gateway Residences on Washington, the first development funded under the State of Massachusetts’ $100 million Workforce Housing Initiative, will break ground Tuesday (December 13th) morning. The $31 million building, located in Downtown Lynn across from North Shore Community College steps to the MBTA Commuter Rail, is expected to open in Spring 2018. The Workforce Housing Initiative is creating new housing for working families who do not qualify for existing affordable housing.
MassHousing closes $21 million financing for Lynn's Gateway Residences on WashingtonMassHousing has closed on a $21 million loan for the Gateway Residences on Washington, a mixed-use building under construction in Lynn's Central Square featuring 71 residential rental units and approximately 2,000 square feet of retail. The loan is MassHousing's first loan through its' $100 million Workforce Housing Initiative, which strives to create increased middle-income housing opportunities. 10 units at Gateway Residences on Washington will be reserved for households earning 70% to 100% of Area Media Income (AMI). Gateway Residences on Washington is creating middle-income housing in a rapidly developing urban core convenient to frequent public transit service and a short distance to Downtown Boston. "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," said MassHousing Executive Director Tim Sullivan. "When you consider the tremendous need for housing that middle-income residents and working families can afford," said Sullivan, "we are very pleased to complete this first transaction of our Workforce Housing Initiative through our Housing Opportunity Fund." Gateway Residences on Washington is built by a collaboration of developer Hub Holdings and the City of Lynn's Housing Authority and Neighborhood Development.
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