BOSTON - Thursday,
December 9, 2021 - Mayor Michelle Wu joined Governor Charlie Baker, Beacon
Companies CEO Dara Kovel, the President & CEO of The Pine Street Inn
Lydia Downie, and local elected officials to break ground on 140 Clarendon
Street, a redevelopment project that will create 210 units of affordable
housing at Boston’s historic Young Women's Christian Association (YWCA)
building, located at the intersection of Clarendon and Stuart Streets in
Back Bay. With the partnership of homeless services provider Pine
Street Inn, 111 of the units will become supportive housing for people
exiting homelessness.
“Housing stability
must be the foundation of our recovery,” said Mayor Wu. “Today’s
groundbreaking shows what’s possible when we collaborate across different
sectors and levels of government to create much-needed affordable housing
in our neighborhoods. This project will provide much-needed housing and
services for residents experiencing homelessness.”
When the renovation
is complete, the development will create 210 units of affordable
apartments, of which 111 apartments will be reserved for people who are
currently experiencing homelessness, and 99 apartments will be for
residents with incomes significantly below the area median income. The
housing set aside for formerly homeless individuals will come with
supportive services provided by the Pine Street Inn.
The Boston Housing
Authority is providing Project-Based Vouchers (PBV) to all the units in the
new development. Project-Based Vouchers subsidize the units and allow
low-income families to afford units that would otherwise be too expensive
for them. The vouchers represent a $6.3 million annual subsidy that will
ensure that these vulnerable residents can be stably housed for years to
come.
The Boston YWCA
Building was constructed between 1927-1929 and has served as the YWCA’s
headquarters for nearly a hundred years. In addition to housing, offices
for Beacon Residential Management will occupy space on the first floor of
the building. All the other cultural and educational organizations
currently in the building, including the Lyric Stage Theatre Company, the
Snowden School, a City of Boston charter school, Viga Restaurant, Honovan
Tailor, the Resource Connection, and the YWCA’s offices will
remain.
“This project is a
great example of public and private partners coming together to deliver a
unique asset to the neighborhood by maintaining a cultural institution and
providing a solution to homelessness: housing with services for our most
vulnerable neighbors,” said Governor Charlie Baker. “We are pleased to
support Beacon Communities and Pine Street Inn on this dynamic project that
will benefit hundreds, and we are eager to continue working with local
partners to create new housing and pursue innovative projects across the
state to meet the diverse needs of our Commonwealth.”
Beacon Communities,
in partnership with Mount Vernon Company, will own the new development. It
will be managed by Beacon Residential Management Limited Partnership. The
re-development expands affordable housing in a high-cost
neighborhood. Through a service partnership with the Pine Street Inn,
the resulting community will comprise one of the largest supportive housing
communities in Boston.
“The Mount Vernon
Company was instrumental in securing and reimagining this important
property as supportive housing for Boston’s most vulnerable”, said Bruce A.
Percelay, Chairman of Mount Vernon Company. “As a Boston resident and
business owner, I see the need for this type of housing every day. 140
Clarendon Street is a victory for all of Boston's residents as we work to
make sure that everyone living here has a home and the services they need
to succeed. We were proud to be a part of building this new
community."
“We have truly
appreciated the collaboration of our public and private partners, keeping
the focus on advancing the City and State’s housing policies with
thoughtful and creative problem-solving to help us bring this project
together,” said Dara Kovel, Beacon CEO. “We are so excited about our
partnership with Pine Street Inn, which is the first of its kind on this
scale.”
“Pine Street Inn is
thrilled to partner with Beacon Communities to provide permanent housing
for over one hundred individuals experiencing chronic homelessness,” said
Pine Street Inn President & Executive Director Lyndia Downie. “This
partnership is a huge step forward in our efforts to provide every person
with a safe, stable place to live, ensure they receive the services they
need, and ultimately end homelessness in Boston.”
In 2003-2006, the
YWCA undertook a major rehabilitation of the property and created 79 affordable
single room occupancy (SRO) and one-bedroom apartments, 39 market-rate
apartments, and a 66-room budget hotel. In honoring that legacy of the
building, the Pine Street Inn and the Beacon Companies will now use the
property to continue serving those in need. Deeply rooted in a commitment
to social justice and serving others, these two organizations joined
together to combine Beacon Communities housing development expertise with
the Pine Street Inn’s well-known track record for providing extensive support
services to homeless individuals. This innovative partnership was created
with the help of funding from the State of Massachusetts and the City of
Boston.
“They say that it
takes a village, and that is certainly the case at 140 Clarendon Street.
This project combines federal subsidies provided by BHA, services, and
management provided by community-based nonprofits, and development funding
provided by the state, the City of Boston, and the private sector. It’s an
incredible group of partners,” said BHA Administrator Kate Bennett. “Most
importantly, this redevelopment effort will give hundreds of families a
safe and affordable place to live in the Back Bay neighborhood.”
Financing for 140
Clarendon includes $6,000,000 of funding from the Massachusetts Department
of Housing and Community Development; MassHousing is providing a $37.2
million permanent loan, a $20.3 million bridge loan, and $500,000 in
Capital Magnet Fund financing; the City of Boston Department of
Neighborhood Development is providing $8,039,955 of funding; Bank of
America is providing a Federal Low Income Housing Tax Credit and Historic
Tax Credit equity in the amount of $43,975,833; and the Commonwealth is
providing $23,575,000 of State Low Income Housing Tax Credit equity.
"MassHousing
is excited about the 210 households who will soon have quality, affordable
rental homes in the heart of the Back Bay," said MassHousing Executive
Director Chrystal Kornegay. "This collaborative effort between Beacon
Communities and all the project partners will not only breathe new life
into this historic building but will create housing stability for all those
who will call 140 Clarendon home."
“Affordable
housing development is a team sport, and the cooperation and dedication to
make this project happen is an incredible testament to the strong
affordable housing ecosystem in Massachusetts,” said Housing and Economic
Development Secretary Mike Kennealy. “Today’s project is the result of
creative strategies to provide vital services to the most vulnerable among
us, and I’m excited we can support this innovative approach that furthers
our efforts to combat homelessness and address our lack of affordable,
supportive housing that is needed to help people succeed across
Massachusetts.”
The rehabilitation
of the building will be completed to the Secretary of the Interior
Standards for Historic Preservation and the development is utilizing
Federal Historic Tax Credits. Construction is expected to be completed in
2024.
About the Department
of Neighborhood Development (DND)
The Department of
Neighborhood Development is responsible for housing people experiencing
homelessness, creating and preserving affordable housing, and ensuring that
renters and homeowners can obtain, maintain, and remain in safe, stable
housing. The department develops and implements the City of Boston’s
housing creation and homelessness prevention plans and collaborates with
local and national partners to find new solutions and build more housing
affordable to all, particularly those with lower incomes. For more
information, please visit the DND website.
About the Boston
Housing Authority
The Boston Housing
Authority (BHA) is a public agency that provides subsidized housing to low
and moderate-income individuals and families. In addition to conventional
public housing communities throughout Boston, BHA offers rental assistance
programs. BHA receives federal and state funding to provide housing
programs to individuals and families. BHA’s mission is to provide stable,
quality affordable housing for low and moderate-income persons; to deliver
these services with integrity and mutual accountability, and to create
living environments that serve as catalysts for the transformation from
dependency to economic self-sufficiency.
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