MassHousing has announced $4.6 million in financing through the CommonWealth Builder Program for Broadway Capital Inc.’s North Strand development in Revere. The project will consist of 71 new mixed-income condominiums, providing homeownership opportunities for moderate-income first-time buyers.
Broadway Capital is currently transforming a former assisted living community into a residential development with 1,415 square feet of commercial space. Of the 71 condos, six will be sold to homebuyers earning up to 70% of the Area Median Income (AMI), and twelve will be available for those earning up to 80% of AMI. The remaining units will be sold at market rates and construction is expected to finish by June.
Managing Director Mikael Vienneau expressed pride in the collaboration between Broadway Capital, MassHousing, and the City of Revere that made this project possible.
