Originally market-rate, Winn converts 7-story Everett project; 47 units affordable
Posted on March 3, 2008
EVERETT --- Using its ability to provide long-term financing for affordable rental housing, the Massachusetts Housing Partnership (MHP) has committed $5.9 million to support the conversion of a market-rate condominium project into 74 units of rental housing, 47 of which will be affordable.
MHP is making the loan to Winn Development Corp., which is acquiring the property from a private developer who had planned to sell the units as luxury condominiums. Known as Parkway Heights, Winn is receiving additional financing through federal low-income housing tax credits awarded by the state Department of Housing and Community Development (DHCD).
Located at 201 Chelsea Street, Parkway Heights will include 26 one-bedroom and 48 two-bedroom units. Forty-seven units (17 one-bedrooms, 30 two-bedrooms) will be affordable to households earning 60 percent of the area median income (AMI), which in Everett is $44,496 for a family of three. The project is close to public transportation, retail stores and city services.