New Bedford's Development on 52 New Rental Apartments to Replace Former RMV Site
On Tuesday, Jan. 30, Alinea Capital Partners announced the construction of 52 new rental apartments to provide low-income families with affordable housing. This new structure in New Bedford will replace the facility formerly used by the Registry of Motor Vehicles (RMV).
(Photo : DHK Inc/DHK Architects )
Development of 52 New Rental Apartments
Boston-based real estate development and investment business L. Duane Jackson manages the 10 @ 8th transit-oriented development in Massachusetts, South Carolina, and Florida. According to Jackson, they are pleased to have started building this landmark project after years of working with the City of New Bedford and other influential community members. He noted that convenient, aesthetically pleasing, and reasonably priced housing is something that New Bedford's working families deserve.
Based on the news statement issued by Alinea Capital Partners, once it is finished, the project will be the most significant new construction project developed downtown in the past 38 years. At this time, completion is anticipated to occur in the middle of 2025, which WinnResidential will manage.
Funding and Architects of this Project
Alinea Capital Partners is receiving permanent financing for $2.2 million from MassHousing and tax credit equity bridge financing for $14.2 million. The distribution of state and federal Low-Income Housing Tax Credits by the Massachusetts Executive Office of Housing and Livable Communities (HLC) provided $17.4 million in tax credit capital, $8.92 million in financial assistance from HLC, $6.9 million in American Rescue Plan Act (ARPA) funding, $15.6 million for building financing from JPMorgan Chase & Company, $3 million in New Bedford ARPA and CGBG money, and $1 as both the investor and the syndicator of the tax credit, the Massachusetts Housing Investment Corporation will represent the state.
Moreover, under a federal Section 8 Housing Assistance Payment contract, eight of the 52 newly constructed apartments will be designated for households earning a maximum of 30% of the Area Median Income (AMI). In addition, 36 apartments will be limited to households earning at most 60% of the AMI, while eight housing units will be allocated for households earning not exceeding 80% of the AMI. Twelve apartments with one bedroom, 36 with two, and four three-bedroom units will be available.
As stated by Ed Augustus, the Secretary of Housing and Livable Communities, it is essential to increase the supply of affordable housing in Massachusetts to reduce the cost of living for our inhabitants and strengthen the state's economic viability. Transit-oriented developments in Gateway Cities are essential to constructing a prosperous future for the Commonwealth. By increasing the number of sites like 10th@8th that people call home, communities and residents can reap the benefits.
On the other hand, DHK Architects of Boston was responsible for the project's design, which had prior approval from the New Bedford Zoning Board. Thus, solar panels will generate renewable energy in the new structure, which will be LEED-certified and have five stories. In addition, there will be specific electric vehicle (EV) ready places in the underground parking garage that has space for about 19 vehicles.
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