39 Affordable Homes for Seniors Open in Revere
June 10, 2016
Revere, MA – (RealEstateRama) — At a ribbon-cutting ceremony today, The Neighborhood Developers (TND) officially opened their newest building, One Beach, in Revere. Joining The Neighborhood Developers at today’s ceremony was Mayor of Revere Brian Arrigo and Massachusetts Department of Housing and Community Development Undersecretary Chrystal Kornegay, as well as numerous funders and business partners who helped to make this development possible, including Bank of America, the TD Charitable Foundation, the Charles H. Farnsworth Trust, Massachusetts Housing Partnership, MassHousing, the Community Economic Development Assistance Corporation, the U.S. Department of Housing and Urban Development, and the North Suburban Consortium.
One Beach is a new four-story building in downtown Revere, featuring 39 affordable rental apartments for seniors. Construction began in April of 2015, after the demolition of a long vacant building, and concluded in May of this year. Residents have begun moving in and the leasing process will continue into the summer. The 39 apartments include 30 one-bedroom and 9 two-bedroom units.
“Where we live determines our quality of life – home matters – and One Beach provides beautiful high quality affordable homes that contribute to the great revitalization work happening along Broadway,” said Ann Houston, Executive Director of TND. “At One Beach, we are offering seniors the opportunity to live affordably in the heart of their community, in homes that sustain social and healthy lifestyles. We are pleased to continue our partnership with Revere to support a thriving community.”
Centrally located at the intersection of Broadway and Beach Street, One Beach offers residents convenient access to many shops and amenities. The building is a short walk from the Revere Rossetti-Cowan Senior Center, City Hall, and the Revere Public Library. The MBTA’s 116, 117, and 119 bus lines stop just outside of One Beach. They connect residents to Beth Israel Deaconess in Chelsea, MGH Healthcare Centers in Revere, and the MBTA’s Blue Line. The development is one part of Revere’s ongoing Broadway revitalization effort, intended to beautify the area and support economic development.
“The high demand at One Beach shows what an important community asset senior housing is,” said Revere Mayor Brian Arrigo. “This new project provides an opportunity for seniors to enjoy safe, secure housing in a brand new facility. We gladly welcome One Beach to our community.”
One Beach features a large ground-floor common room with a full kitchen, library, computers, television, and fitness equipment to promote health and community among the building’s residents. Outdoor amenities include a courtyard and onsite parking. The building and site are designed with enhanced accessibility features in many apartments, to accommodate seniors as they age.
One Beach meets a significant need for affordable senior housing in Revere. Fifteen percent of Revere’s population is over the age of 65, and 72% of Revere’s senior renters are cost-burdened, spending, on average, more than 30% of their annual income on rent. All apartments at One Beach are restricted to households earning 60% or less of the area median income and that include at least one member aged 55 or older.
“Affordable housing for seniors helps individuals age in place, and stay a part of a community they helped to build,” said Undersecretary for Housing and Community Development Chrystal Kornegay. “Increasing the stock of affordable housing built specifically for the needs of seniors is important for Massachusetts, and will be an important asset to Revere.”
Applications for apartments at One Beach were first made available in December 2015. Since then, TND has received more than 680 applications for the 39 apartments.
“We have had a strong working relationship with TND, so we’re pleased to provide the construction loan and low income housing tax credits that helped finance One Beach,” said Miceal Chamberlain, Massachusetts President of Bank of America. “In the past seven years, TND and Bank of America Merrill Lynch have created more than 180 affordable housing units in Revere and Chelsea, demonstrating our continued commitment to create strong neighborhoods in the communities we serve.”
TND’s first development for seniors in Revere was at Walden House in the Shirley Ave. neighborhood, offering seven affordable apartments. 525 Beach, also in the Shirley Ave. neighborhood, was opened in March of 2015 with 30 affordable apartments. TND is expanding its involvement at these buildings and at One Beach with a new Resident Services program to launch this summer. The Associate Director of Resident Services will connect residents to social services, promote healthy living, and help engage residents in their community. TND will offer residents individual case management as well as on-site opportunities to develop financial capabilities and healthy lifestyles.
With the opening of One Beach, TND’s portfolio increases to 389 affordable apartments, housing more than 950 individuals in Chelsea and Revere.
The Neighborhood Developers (TND) is a non-profit Community Development Corporation. TND’s mission is to bring its core strengths – building homes, engaging neighbors, and fostering economic mobility – to community partnerships that create great neighborhoods where all people can thrive.
Founded in 1979, TND spent its first 25 years developing great, affordable places to live in Chelsea. In 2006, TND expanded its emphasis from solely building affordable homes to building vital neighborhoods, focusing on both the people and the place. Its programs are delivered in Chelsea and Revere. Follow TND on Facebook and on Twitter, @TND_inc.
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