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Posted on Sep 17, 2015 by Thor Jourgensen
LYNN — The 70-unit Gateway Residences housing complex on lower Washington Street is one of 23 projects approved for state funding, Gov. Charlie Baker and Undersecretary of Housing and Community Development Chrystal Kornegay announced Wednesday.
Located across from North Shore Community College and two blocks from the commuter rail station, Gateway Residences will include 53 affordable units and represent a $27 million investment in the lower Washington Street area.
“The reason why the city has worked so hard these past two years to build solid relationships with developers and the business community is to advance projects such as this resulting in a multi-million dollar development that will undoubtedly spur additional economic activity in that area,” said City Council President Daniel Cahill.
Gateway is a product of a 2007 master plan for the “Washington Street Gateway.” Lynn Housing Authority and Neighborhood Development (LHAND) worked to make the project a reality through Neighborhood Development Associates (NDA) and HUB Holdings.
“This exciting project will serve as a catalyst for the Washington Street corridor and the downtown,” said LHAND Executive Director Charles Gaeta. “I am thankful for all the years of hard work and diligence by everyone involved, especially Peggy Phelps and Jeff Weeden and equally thankful for (Housing and Economic Development) Secretary (Jay) Ash and Undersecretary Kornegay and the Baker administration for recognizing the importance of this project.”
The state Department of Housing and Community Development will fund projects with a combination of Low Income Housing Tax Credits, federal HOME funds, and money from six state bond accounts.
Gateway and the other projects approved for state financing help a wide variety of people, including individuals and families transitioning out of homelessness, persons with disabilities, the elderly and veterans.
They also leverage previous investments in mass transit to increase access to jobs and services, compounding the beneficial effects of housing and security. Mayor Judith Flanagan Kennedy praised LHAND for making Gateway a reality.
“These critical funds will provide much-needed housing and revitalization to an important gateway corridor in our city. It is truly encouraging to see the Baker administration, especially Secretary Ash, demonstrate their commitment to the city of Lynn and I look forward to future collaborations to achieve our shared vision,” said Kennedy.
All told, the state is spending $29.2 million on the projects, which will generate approximately $182 million in equity. In addition, state officials are awarding $45.8 million in subsidy funds
“The Baker-Polito administration is dedicated to providing safe, reliable and affordable housing across Massachusetts,” said Ash.
Thor Jourgensen can be reached at email@example.com