A 52-unit apartment development will replace a former RMV in New Bedford. What to know.
NEW BEDFORD — Construction of 52 new rental apartments providing affordable housing for low and moderate-income working families is ready to begin, Alinea Capital Partners announced today.
The real estate development and investment firm behind the 10@8th transit-oriented development led by managing member L. Duane Jackson is headquartered in Boston and operates in Massachusetts, South Carolina and Florida.
When completed, the project will be the largest new construction project built downtown in 38 years, according to a press release from Alinea Capital Partners. Completion is currently expected in mid-2025.
“After years of collaboration with the City of New Bedford and community leaders, we are pleased to begin construction of this landmark development. New Bedford’s working families deserve housing that is convenient, attractive, and affordable,” Jackson said in the release.
Jackson cited the support of the Office of Mayor Jon Mitchell and the public and private partners who invested time and capital in the project.
“As New Bedford becomes a hub of America’s emerging offshore wind industry, we are proud to be a critical part of building the Whaling City’s bright future,” he added.
Development to start at former RMV site
Funding and financing for the project is being provided through a combination of city, state, and federal resources, as well as the participation of private partners.
Funding from the federal American Rescue Plan Act (ARPA) and Low-Income Housing Tax Credits (LIHTC) and other state and local resources are being used to finance the development.
New Bedford awarded its funding through the city’s Housing Expansion Initiative.
“The city continues to support the construction of new units in an effort to create attainable housing opportunities for all residents,” Mitchell said in a press release. “I’m grateful to Duane and the Alinea team for their investment in New Bedford, and to our partners on the state and federal levels for their support. We’re proud of the team effort underway to ensure housing opportunities for residents at every income level.”
Additional state resources, including debt and equity, were provided by the Commonwealth of Massachusetts Executive Office of Livable Communities, MassHousing, and the Massachusetts Housing Investment Corporation. Construction financing is provided by Chase Bank.
What's planned for the apartments at the former RMV
Located at the former Registry of Motor Vehicles building in downtown New Bedford that closed in February 2017, the building will feature views of New Bedford Harbor and will be convenient to the new Southcoast Rail commuter rail station set to open in 2024.
The project was designed by Boston-based DHK Architects and was previously approved by the New Bedford Zoning Board.
According to the MassHousing website, of the 52 new apartments, eight will be restricted to households earning up to 30 percent of the area median income and supported by a federal Section 8 Housing Assistance Payment Contract.
Thirty-six apartments will be restricted to households earning up to 60 percent of AMI, and eight apartments will be for households earning up to 80 percent of AMI.
There will be 12 one-bedroom apartments, 36 two-bedroom apartments, and four three-bedroom apartments.
The new five-story building will be LEED-certifiable, using clean energy including solar panels. It will have an underground parking garage for 19 vehicles with designated electric vehicle (EV) ready spaces.
State officials weigh in
WinnResidential will manage the project upon completion.
“Increasing the supply of affordable housing in Massachusetts is critical to lowering living costs for our residents and bolstering the state’s economic competitiveness,” Ed Augustus, Secretary of Housing and Livable Communities said in the release. “Transit oriented projects in Gateway Cities are key to building the bright future of the Commonwealth.”
MassHousing has closed on $16.4 million in financing, providing Alinea Capital Partners with $2.2 million in permanent financing and $14.2 million in tax credit equity bridge financing, according to a press release on its website.
“To be able to redevelop an underutilized parcel in the heart of New Bedford into a new housing community that will be affordable to 52 households is an exciting opportunity for the city and the residents who will call 10@8th home,” MassHousing CEO Chrystal Kornegay said. “MassHousing is pleased to be part of this effort that is going to provide the project’s new residents with housing stability and economic opportunities in greater New Bedford.”
Standard-Times staff writer Kathryn Gallerani can be reached at kgallerani@gannett.com. Follow her on Twitter: @kgallreporter. Support local journalism by purchasing a digital or print subscription to The Standard-Times today.
This article originally appeared on Standard-Times: Developer ready to begin construction on working family housing
