Housing Headlines

CONCORD --- Responding to comments from the Finance Committee questioning the town's promise to support an 83-unit affordable assisted living development with $3 million in CPA funds, Managing Director Walter Ohanian of the Grantham Group reduced his request to $2 million.

SAUGUS --- Avalon Bay has unveiled its master plan for the 13.9 acre Hilltop Steak House site, proposing to build 280 apartments and 24,000 square feet of retail space. The Planning Board got to see it on Feb. 2 and voted 4-0 to continue the discussion at future meetings.

PROVINCETOWN --- The town's efforts to purchase a bankrupt timeshare and turn it into 26 units of affordable housing cleared another hurdle as it learned it was the top bidder in a sealed auction. The town, which bid $8.1 million, is now eligible for the live auction on Feb. 27 along with the other two bidders - $7.5 million bid from the Lexvest Group LLC, real estate developers from Shirley, and a $2 million bid from a group made up of Thomas Kennedy, Ronald Rudick, and John Ciluzzi.

BOSTON --- Developer say tax reform talks that could lead to a lower corporate rate are already weakening the main financing engine of affordable housing - the federal low income housing tax credit program. Developers and builders say some projects have been delayed as the drop in value of the credits has caused developments to address sudden financial shortfalls.

BOSTON --- The state's Joint Committee on Housing was announced this week, with state Sen. Joseph Boncore being named Senate Chair and Kevin G. Honan remaining as House Chair.

PEABODY --- State housing and community development officials have signed off on an incentive program that would offer two types of tax breaks for developers or current landlords who create market-rate housing in designated areas downtown.