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By The Advocate
REVERE – MassDevelopment, the economic development arm of the state, has approved $23.5 million in tax-exempt bond financing for a 56-unit affordable housing project at 110 Ocean Ave. The building will consist of 32 units for households earning 50 percent or less of the area median income (AMI) and 24 units for households earning 30 percent or less of AMI. In addition to 48 one-, two- and three-bedroom units, the building will also have eight group living units on a lower level. Site work is underway on the seven-story building and construction is expected to be completed in fall, 2027.
According to Councillor-at-Large Joanne McKenna, the project has been in the works for three or four years. “Three years ago, they asked me if I would be in favor of the project and I said yes, it’s affordable housing, and we need affordable housing,” said McKenna, who wasn’t sure why the project has been stalled for several years.
The Neighborhood Developers, a nonprofit builder of affordable housing in Chelsea, Everett, Lynn, Malden and Revere, is building the project. The 110 Ocean Ave. address is the site of a seven-bedroom home owned and operated by North Suffolk Community Services (NSCS). The building has group-living services for seven people, who will be able to return to the new building once it is completed. NSCS collaborated with The Neighborhood Developers to redevelop the site to provide additional affordable homes. The existing building is being prepared for demolition, and the project is scheduled to be completed in September 2027.
The new building will support NSCS with community space for the organization to provide supportive services and classes for community members.
The project received a $23 million tax-exempt bond from MassDevelopment, along with $21 million in federal low-income housing tax credits, among other public funding sources.
The 110 Ocean Ave. site is less than a mile south of Wonderland and about one-third of a mile south of the Revere Beach T station. The new building will stand immediately next to two other residential developments that opened in 2021: the 200-unit, two-building Ryder Revere Beach and the 75-unit 900 building. Both were built on vacant lots.
