$46 Million Public and Private Development to Bring More Than 100 Mixed Income Apartments to Boston for Veterans and Their Families
Brighton Marine and WinnCompanies Announce Veterans Preference Housing Supported by MassHousing, the Massachusetts Department of Housing & Community Development, Boston’s Department of Neighborhood Development, Boston Community Loan Fund and Bank of America
PRESS RELEASE: Brighton Marine, a veteran network community, and WinnCompanies, an award-winning national developer and manager of high-impact affordable, middle income and market rate housing communities, announced today they have secured financing for a first-of-its kind, $46 million initiative that will create 102 units of housing in Boston for veterans of all income levels.
“Creating a veteran-centered community is a strategic milestone in Brighton Marine’s expanding mission to develop stand-alone, measurable programs that directly impact our heroes, said Michael Dwyer, former chief executive officer of Brighton Marine. “This community will create a sense of place for each veteran and family member by incorporating other critical transitional services such as clinical, wellness and behavioral health services all under the nation’s top-rated military health care program; all on a public transit-connected campus. “
The 102-units will be built adjacent to Brighton Marine’s campus along Commonwealth Avenue and provide apartments for qualifying veterans and their families who want to live in Boston but do not have the means to afford more expensive housing options. The transit-oriented site is located along the MBTA’s Green Line subway route.
WinnDevelopment, a Boston-based national multifamily property developer, has secured the building permit and begun preparing the 1.44-acre site for construction. Initial work will begin in January and a 22-month construction schedule puts the project on track for completion by the Fall of 2019.
“This is a unique, mission-driven development that will bring veterans of all income levels together in a supportive community where they can finally afford to live and work in the City of Boston,” said Gilbert Winn, chief executive officer of WinnCompanies. “As one of the largest managers of military housing in the United States, our company is honored to help Brighton Marine take their non-profit mission on behalf of veterans to a new level.”
A veteran will pay an estimated $1,450 per month for a one-bedroom unit, while two-bedroom units will cost approximate $2,150.
The project is being financed with the support of MassHousing, the Commonwealth of Massachusetts Department of Housing & Community Development, the City of Boston Department of Neighborhood Development, and Boston Community Loan Fund. Equity investment and construction financing is being provided by Bank of America.
Funding programs include an allocation of Low-Income Housing Tax Credits, State Low Income Housing Tax Credits, Affordable Housing Trust, Housing Stabilization Funds, State HOME Funds, Commercial Area Transit Node Housing Program, and City of Boston Inclusionary Development, HOME, and Neighborhood Housing Trust funds. The project will also benefit from Workforce Housing Funds, which will allow it to serve the broadest range of incomes up to 120% of area median income.
“We are very pleased to be a partner with Brighton Marine, WinnCompanies, the Commonwealth of Massachusetts and the City of Boston in this first-of-its kind initiative which will provide 102 brand-new apartments to veterans with a range of incomes,’’ said Cynthia Lacasse, director of rental business development for MassHousing. “Our veterans deserve the best and this new housing being built specifically for veterans and their families will complement the comprehensive array of services already being provided to veterans on the Brighton Marine campus.”
“The Residences” along Commonwealth Avenue will complement a housing initiative underway at Brighton Marine that’s already helping homeless veterans and their families: an endowment fund provides money for costs such as security deposits, first and last month’s rent, outstanding utility bills, and moving expenses. But “The Residences at Brighton Marine” is the non-profit’s most ambitious project to date.
The Brighton Marine campus was originally constructed by the federal government beginning in 1938 in order to accommodate the relocation of the U.S. Marine Hospital, which was located in Chelsea, MA, at the time.
About Brighton Marine:
A vital social service presence since 1940, Brighton Marine’s mission is steeped in the battlefield creed now being used at home – not leaving anyone behind. With a goal of serving as a one-stop network hub for resources for veterans and their families, Brighton Marine hosts 10 organizations that provide medical care and health services for military, veterans and non-military personnel. Along with helping veterans and their families find housing, Brighton Marine serves as the coordination center for electronic referrals from software that connects veteran service providers to coordinate care virtually, track outcomes, improve access, increase collaboration, and enables communities to provide more comprehensive levels of service. Lastly, Brighton Marine is heavily invested in the community – providing support to local high school students, partnering with other local veteran-based organizations, the Red Cross and Toys for Tots, and funding beautification projects in Brighton.
WinnCompanies is an award-winning national developer and manager of high-impact affordable, middle income and market rate housing communities. Supported by 3,000 team members, the company acquires, develops and manages affordable, senior, mixed-income, market rate, military and mixed-use properties. Founded in 1971 and operating in 22 states and the District of Columbia, WinnCompanies is one of the nation’s leading multi-family housing managers with 100,000 units under management. It is the country’s largest manager of affordable housing and the second largest manager of privatized U.S. military housing.
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