MassHousing has announced a $4.6 million financing package through the CommonWealth Builder Program for Broadway Capital Inc.’s North Strand development in Revere. This project will consist of 71 new mixed-income condominiums, providing 18 homeownership opportunities for moderate-income first-time buyers.
Broadway Capital is currently converting a former four-story assisted living community into this new residential development, which will also include 1,415 square feet of commercial space. Of the total units, six will be sold to homebuyers earning up to 70% of the Area Median Income (AMI), while another twelve will be available to those earning up to 80% AMI. The remaining condos (53) will be sold at market rates and construction is expected to finish by June.
“We are proud of our partnership with MassHousing and the City of Revere in bringing this project to life,” said Mikael Vienneau, managing director at Broadway Capital.
