The board discussed a significant project aimed at redeveloping the property on Ocean Avenue. Representatives from The Neighborhood Developers (TND) outlined plans to enhance the site currently owned by North Suffolk Community Services. The proposed redevelopment involves maintaining the group living environment while expanding capacity to house eight residents, creating a 5,000 square-foot office space for North Suffolk Community Services, and constructing 56 affordable family units. The project’s design incorporates passive house principles and an all-electric system to ensure energy efficiency, and it features cross-laminated timber construction to maximize the number of homes while adhering to local height restrictions.

The financing for this large-scale project involves multiple sources, including federal loans and tax credits. Approximately $23 million is projected to come from low-income housing tax credits (LIHTC), with additional funding sought through state loans and soft subsidies. The federal LIHTC is contingent on the approval of a tax-exempt bond, and the project awaits the allocation of the 2025 bond capacity, as the state had exhausted its 2024 capacity. The projected cost per unit is approximately $715,000, though excluding commercial space lowers the cost.

Concerns about high per-unit costs and the possibility of purchasing existing units in the city were discussed. The board acknowledged the dramatic increase in housing costs over the years and emphasized the need for affordable housing to cater to residents at 50% of the area median income (AMI) rather than the more common 60% AMI. The project is expected to commence construction in the second quarter of 2025, depending on financing, and residents could begin moving in by early 2027.

The meeting also addressed the upcoming affordable housing lottery for units at the condo project located on Salem Street. Board member Matthew Wolfer volunteered to assist with the lottery process, which is seen as a step in the board’s efforts to provide affordable housing options in the community.

The board discussed the need for broad outreach strategies to ensure all eligible residents, including those linked to community organizations and schools, are informed about the application process. An affirmative fair housing marketing plan will be in place to maximize outreach.

Additionally, the board reviewed the first-time homebuyer down payment assistance program, which has received state earmarks totaling $25,000. This amount, divided among five eligible households, with the board matching the amount, effectively allows for $10,000 per household. The program is structured as a grant, making it forgivable, and aims to assist Revere residents seeking to purchase homes that meet specific criteria. The program is set to launch on a Monday coinciding with the lottery event, and outreach efforts are underway, with several members offering to assist in distributing flyers.

Board discussions also touched on the financial framework of the affordable housing project, with an emphasis on transparency in future discussions about specific expenses and how they align with the organization’s goals. The timeline of project development was presented, detailing the collaborative journey that began over two years ago, involving agreement formalization, zoning board approvals, and securing local and state funding commitments.

Inquiries were made regarding the types of funding available through the Executive Office of Housing and Livable Communities (EOHLC) and strategies for addressing the identified funding gap. The funding process entails an application called the “onestop application,” which begins with a pre-application phase. This framework is critical for navigating the complexities of funding acquisition and illustrates the reliance on both local and state resources to achieve the project’s objectives.

The board expressed a shared sentiment regarding the need for more affordable housing in the region, highlighting the economic segregation present in the area. While Revere is making strides in addressing affordable housing needs, many other communities have been less proactive, contributing to a larger regional crisis. Future funding strategies were discussed, including exploring foundations and public resources to help close the financial gap. The emphasis was placed on approaching the board earlier in future projects to ensure timely support.

The meeting concluded with updates on the disposition of city-owned and tax-title properties, with a request for brokerage marketing services resulting in two proposals. The goal is to find a bidder that prioritizes affordable housing development. Additionally, the subsidized housing inventory report highlighted the expiration of deed restrictions for 40 units in a particular building while noting that 19 units would be preserved as affordable for the next 20 years.