BOSTON - Monday,
July 12, 2021 - Mayor Kim Janey today joined the Boston Housing Authority
(BHA), WinnCompanies and MassHousing to celebrate the opening of a new
mixed income community on the East Boston waterfront. The $30 million
Harborwalk development replaced 20 units of aging Boston Housing
Authority public housing at Clippership Apartments with 22 deeply
affordable modern apartment homes at Harbor125 Apartments and Harborwalk
Residences, also featuring 30 condominiums available for sale to
middle-income and market-rate households.
“The Clippership
Apartments, housing 22 rental units, will be welcoming back many families
who were living here before the development plans were fully realized.
Now those families are returning to newly constructed high quality modern
living spaces,” said Mayor Janey. “I am proud to be a part of powerful
investment in the people and the community of East Boston.”
Original public
housing households who previously lived at the Clippership property have
returned to new modern apartments. Of the 30 new condominiums, 14 will be
sold to middle-income homebuyers at subsidized prices. The remaining 16
condos are being sold to buyers at market rates.
“These new homes
will be an essential part of the East Boston neighborhood, securing
Clippership’s affordable housing promise for the future,” said BHA
Administrator Kate Bennett. “This new development ensures that low income
families can continue to have access to the East Boston waterfront and
enjoy a better quality of life in new modern homes.”
Located one
block from the MBTA Blue Line station at Maverick, the one-acre property
offers a stunning view of downtown and pedestrian access to the
Harborwalk. The new two-building development includes ground-level retail
space, a management office, a bicycle storage room, and a community room
available to East Boston civic groups.
“This project is
a great example of a public-private partnership to preserve and expand
public housing while also creating new ownership opportunities for working
households who otherwise would be priced out of the market,” said Gilbert
Winn, CEO of WinnCompanies. “It’s very satisfying to replace 20 units of
aging public housing with 52 modern homes available at the entire range
of incomes.”
Financing sources
included Inclusionary Development Program funding facilitated by the
Boston Planning and Development Agency and contributed by Lendlease,
Inc., in connection with the company’s Clippership Wharf apartment and
condominium project located next door.
The Harborwalk
project is part of the BHA’s continuing effort to preserve, expand and
modernize public housing in the City of Boston. The agency kicked off the
development process in April 2016 and holds the ground lease for the
rental site. WinnCompanies owns Harbor125 Apartments and developed
Harborwalk Residences with a deed restriction requiring the 14 middle
income home ownership condos to remain affordable.
“By transforming
the former Clippership Apartments into a dynamic, new mixed-income
development, this project is preserving much-needed affordable rental
housing and creating new homeownership opportunities for first-time
homebuyers,” said MassHousing Executive Director Chrystal Kornegay. “We
congratulate WinnCompanies and the Boston Housing Authority for reaching
this milestone. MassHousing is pleased to be a partner in this important
work.”
The 22 rental
apartments at Harbor125 include one one-bedroom unit, six two-bedroom
units, 10 three-bedroom units and five four-bedroom units. The apartments
are supported by federal Section 8 project-based vouchers administered by
the BHA.
Of the 14 condos
to be sold through a lottery process, five one-bedroom units are for
households earning at or below 80% of Area Median Income ($85,700); five
one-bedroom units are for households earning at or below 120% AMI
($142,800); one two-bedroom unit is for a household earning at or below
80% of AMI; and one two-bedroom unit and two three-bedroom condos are set
aside for households earning at or below 120% of AMI.
MassHousing, the
independent, quasi-public agency that provides financing for affordable
housing in Massachusetts, provided a $6.6 million permanent mortgage and
$3.6 million in bridge loan financing for the development of Harbor125
Apartments and $1 million from the agency’s Workforce Housing Initiative
to subsidize the cost of the 14 workforce condos at Harborwalk
Residences.
Additional
funding was provided by Bank of America and the Federal Home Loan Bank of
Atlanta through the competitive Affordable Housing Program. BlueHub
Capital provided subordinate construction and permanent financing to both
projects. | 
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