New Codman Square Rental Housing Project Now Underway

Construction has begun on the mixed-use Whittier Lyndhurst Washington Homes redevelopment in Codman Square. The multi-site project will represent a $20.1 million investment and create 44 units of affordable rental housing, according to Mayor Martin Walsh, who led a groundbreaking ceremony at the site on Tuesday.
Four Codman Square sites are being developed within the project, including the renovation of 15 units of public housing at the Whittier School site, 13 new units of affordable rental housing adjacent to the school on Darlington Street, and the renovation of eight units on Lyndhurst Street. The property at 472 Washington St. will include 1,000 square feet of commercial space, along with another eight new rental units.
“In Boston, we are committed to building a city that holds opportunity for every person and every family, no matter their background, age or financial status,” Mayor Walsh said. “I’m proud that the city’s investment in this project will help support new affordable rental housing for families and I want to thank the many partners who are working to help us achieve our housing goals.”
The Codman Square Neighborhood Development Corporation., which is leading the project, anticipates completing the first phase of the project this summer.
As the properties are part of the Talbot Norfolk Triangle Eco-Innovation District, the Talbot Norfolk Triangle Neighbors United group worked with the city to ensure compliance with the district’s green standards.
According to the mayor’s office, the Department of Neighborhood Development contributed $1.6 million to the Homes. Also providing funding were the state’s Department of Housing and Community Development, the Massachusetts Housing Partnership, the Community Economic Development Assistance Corporation, Local Initiatives Support Corporation, NeighborWorks America, RBC Capital Markets and Bank of America.

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Walsh Says Boston Is On Track To Meet New Housing Goals

Boston Mayor Martin J. Walsh recently announced that according to the city’s quarterly housing report, Boston remains on target to meet the goal of creating 53,000 units of housing by 2030.
According to his Q1 2016 housing report, 565 new housing units were permitted this quarter, for a total of 17,183 units either permitted or completed since the launch of the administration’s housing plan, Housing a Changing City: Boston 2030, in October 2014.

“Our population is growing faster today than at any time in our city’s history, and I’m committed to making sure that Boston stays affordable by meeting the demand of our growing city,” Walsh said in a statement. “By working across multiple agencies, this administration is working every day to bring new units on line at a variety of income levels, and we are seeing results.”

According to the report, more than 3,000 new units, representing $1.4 billion in new investment, were approved by the city this quarter, resulting in an active development pipeline of 18,644 units of housing. In total, 35,808 new units of housing have either been completed or are in the development process.

The administration said there are more than 8,000 new units of housing currently being built in Boston. The mayor’s office said that represents more construction employment in the housing sector than at any time in the last 20 years.

By the end of Q1 2016, enough new housing had been completed to house 20,237 new Bostonians. Completions are now exceeding projected population growth. In the last year, enough housing came on line to house 5,900 people, while the Metropolitan Area Planning Council’s projection for population growth is 4,590 people per year.

The report said rents are rising across the board, but two-bedroom apartments in older buildings (those built prior to 2011) are only up 3 percent. Studio rents are up 13 percent and one-bedroom rents are up 9 percent.

Certain neighborhoods across the city may also be seeing slower rental pricing growth in existing stock: in Back Bay/Beacon Hill, Mattapan, the South End and the Central district, rents have only risen by one to 2 percent since 2014, according to the report.

SourceBanker & Tradesman

Walsh Announces More Than $28M To Support Affordable Housing In Boston

Boston Mayor Martin Walsh announced $28 million in funding awards to support the creation of affordable housing throughout Boston yesterday. The funding, which will preserve or produce 837 housing units, comes from $21 million of federal and local resources awarded through the Department of Neighborhood Development (DND) and $7 million of Linkage funds, awarded through Boston’s Neighborhood Housing Trust.

“We are committed to creating a Boston where everyone who wants to live here, can afford to,” Walsh said in a statement. “I thank our local, state and federal partners for these housing investments that create good jobs and fuel our economy.”

The new funding will leverage more than $323 million of public and private investment in the neighborhoods, and will help to create an estimated 500 construction jobs. These developments will also create 125 units for homeless or extremely low-income families.

With the awarding of these funds, the Walsh Administration has now made more than $66 million in affordable housing available since Walsh took office.

SourceBanker&Tradesman