Construction is set to commence on an exciting project that will provide affordable housing for low and moderate-income working families in New Bedford. Alinea Capital Partners, the real estate development and investment firm, has announced plans to build 52 new rental apartments in the heart of the city.
A Landmark Development for New Bedford
When completed, this development will mark the largest new construction project in downtown New Bedford in 38 years. A press release from Alinea Capital Partners has stated that the project is expected to be completed by mid-2025.
"After years of collaboration with the City of New Bedford and community leaders, we are pleased to begin construction of this landmark development. New Bedford’s working families deserve housing that is convenient, attractive, and affordable," said L. Duane Jackson, the managing member of Alinea Capital Partners.
The development has received tremendous support from the City of New Bedford, including the Office of Mayor Jon Mitchell and numerous public and private partners who have invested both time and capital in the project. This landmark development not only provides much-needed housing for residents but also contributes to the growth and prosperity of New Bedford, particularly as it becomes a hub for America's emerging offshore wind industry.
Former RMV Site to Transform
The development is planned for the former Registry of Motor Vehicles (RMV) building in downtown New Bedford, which closed its doors in February 2017. The location promises stunning views of New Bedford Harbor and easy access to the new Southcoast Rail commuter rail station, set to open in 2024.
Housing Opportunities for All
The 52 new apartments will cater to a range of income levels. Eight units will be reserved for households earning up to 30 percent of the area median income, with support from a federal Section 8 Housing Assistance Payment Contract. Additionally, 36 apartments will be available to households earning up to 60 percent of the area median income, while eight apartments will be designated for households earning up to 80 percent of the area median income.
The development will comprise 12 one-bedroom apartments, 36 two-bedroom apartments, and four three-bedroom apartments. The five-story building will be LEED-certifiable and will incorporate clean energy features, including solar panels. An underground parking garage with designated electric vehicle (EV) ready spaces will cater to the needs of residents.
Collaborative Efforts and Financing
The project is made possible through a combination of funding from city, state, federal resources, and private partners. The federal American Rescue Plan Act (ARPA) and Low-Income Housing Tax Credits (LIHTC) are among the sources of financing. New Bedford awarded its funding through the city's Housing Expansion Initiative.
Additional resources, including debt and equity, were provided by the Commonwealth of Massachusetts Executive Office of Livable Communities, MassHousing, and the Massachusetts Housing Investment Corporation. The construction financing is being provided by Chase Bank.
Managing the Future
Upon completion, the project will be managed by WinnResidential. Ed Augustus, Secretary of Housing and Livable Communities, expressed the importance of increasing the supply of affordable housing in Massachusetts and hailed the project as a step towards building a brighter future for the state.
MassHousing, a key contributor to the financing of the project, has provided $2.2 million in permanent financing and $14.2 million in tax credit equity bridge financing. Chrystal Kornegay, CEO of MassHousing, emphasized the positive impact this development will have on the community, providing housing stability and economic opportunities.
Conclusion
The 52-unit apartment development in New Bedford is an exciting endeavor that will transform the former RMV site into a vibrant housing community. With its commitment to affordability, sustainability, and community collaboration, this landmark project embodies the spirit of New Bedford's bright future.
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