New Construction 2012
170-172 Maverick Street, East Boston, MA
Residential: 27 Apartments For Low Income Families
Financing: LIHTC, MHAF
Owner: GREENWAY APARTMENTS, LLC
Property Management: Metro Management Company
Greenway Apartments, bordering the Greenway Park in East Boston, features 27 affordable apartments for low-income families. Of the 27 apartments, 21 are two-bedroom units and 6 are three-bedroom units, all of which will remain affordable in perpetuity. The three-bedroom units are subsidized with tenants paying 30 percent of their income for rent.
In addition to its proximity to the Greenway, the apartment building provides tenants with easy access to the Maverick T station as well as several bus lines, creating workforce housing just a short distance from downtown Boston.
The Massachusetts Housing Finance Agency provided a $1.2 million permanent loan, a $1 million Priority Development Fund loan and $1 million from the Affordable Housing Trust Fund loant; HOME and Neighborhood Housing Trust loans from the City of Boston, a $5.46 million construction loan from Bank of America, and a $5.7 million LIHTC equity investment.
About The Development
Through its non-profit development arm, EBCDC, Inc., the East Boston Community Development Corporation developed 27 units of affordable rental housing along the East Boston Greenway. The development razed two vacant buildings at 170 and 172 Maverick Street to construct the 27 affordable rental units in a low-rise, energy efficient building.
The project contractor was Landmark Structures Corporation of Woburn. The architect was Michael A. Interbartolo Jr. of East Boston. The management agent is Metro Management, a subsidiary of East Boston Community Development Corporation. Construction was completed in the spring of 2012.
“The strength of our community has always been the hard-working families who contribute to our neighborhoods,” said East Boston Community Development President Albert Caldarelli. “This development will provide a stable environment for those families.”