Housing Headlines

BOSTON --- The Federal Home Loan Bank of Boston recently awarded more than $10.2 million as grants, loans, and subsidies to fund 390 units of affordable rental and ownership housing in seven Massachusetts communities. Each year the FHLB of Boston commits 10 percent of its net profits to provide grants and subsidized below market-rate loans through its Affordable Housing Program (AHP). AHP funds are used to create or preserve affordable housing and help pay construction, acquisition, or rehabilitation costs. For more information on the awards, visit FHLB of Boston's website at http://www.fhlbboston.com/ahp.

SPRINGFIELD --- WinnCompanies developers recently proposed a $20 million affordable-housing project at the former site of the Longhill Gardens condominiums. The 109-unit development will be financially supported with approved state and federal tax credits as well as $1.5 million in subsidies. The project has the support of the Forest Park Civic Association and Mayor Domenic Sarno, but Springfield Forward, a grassroots group, has objected to it. The developers hope to purchase the partially condemned site at an auction on December 4th at noon.

LAWRENCE --- One of the reasons why the foreclosure crisis is so hard to solve is that it takes months for a buyer to work through the tangled web of ownership that ensnares many troubled properties. Lawrence Eagle Tribune Business Editor Bill Kirk details this in examining why it took Lawrence Community Works six months to purchase a multi-family property that had been foreclosed.

FALMOUTH --- Developers have presented an overview to selectmen of a proposed 40B "green" assisted living facility on Gifford Street. The new building will consist of 125 rental units, 25 priced as affordable, in studio, one-bedroom, or two-bedroom layouts throughout the 131,000 square feet space. The LEED-certified building will also contain amenities for the residents such as a bank and a restaurant. Selectmen look forward to a upcoming developer-led tour of the site where they will learn more about the proposal.

SCITUATE --- Stockbridge II Realty Trust recently requested a change in their 40B permit to build 48 rental units in place of the plan's proposed condominiums. The trust also requested board approval to reallocate four of the project's 18 affordable units from single-family homes to multi-family units. As an explanation for the request, a trust spokesman said, "Unfortunately, condominium projects that are based on the 'for sale' model are now considered high risk by many lenders...rental stream [projects] are seen as a safer paradigm." Neighbors are concerned that a community of rental units will decrease their housing values. The ZBA will hold a hearing on December 1 at 7 p.m. in the town's public library to discuss the proposed changes.

DORCHESTER --- Synergy developers have unveiled their vision for creating a new "main street" in the Columbia Point section of Boston, between the Boston Globe's newspaper plant and the JFK transit stop. The development will include at least four new side streets, 180,000 square feet of retail space, 500,000 square feet of office space, and 1,725 parking spaces. There will also be 700 units of housing, with 25 percent of those units being made affordable. The only concern that city officials and community members shared with Synergy is the possible height of the buildings making up the development.