Needham launches $94M affordable housing initiative with Peabody Properties partnership

In a recent meeting of the Community Preservation Committee in Needham, Massachusetts, discussions centered on the town's ongoing efforts to address its affordable housing crisis. The meeting highlighted significant advancements in the implementation of the 2022 Needham Housing Plan, which aims to provide affordable housing for households earning at or below 80% of the area median income.

The Needham Housing Authority (NHA) has embarked on a 10 to 15-year initiative known as the Preservation and Redevelopment Initiative (PRI). This ambitious plan seeks to modernize existing low-income housing units and create new affordable housing options. The NHA has partnered with experienced organizations, including the Cambridge Housing Authority and Peabody Properties LLC, to help achieve these goals.

Key objectives outlined in the housing plan include the renovation of 436 units of affordable housing and the development of new units, particularly at the Linden Street and Chambers Street properties. The plan also emphasizes the need to preserve existing units, ensuring they remain viable for future generations.

During the meeting, it was noted that the Linden Terrace Redevelopment Project and the Seabeds and Cook modernization project are the first initiatives to directly address the housing plan's goals. Together, these projects aim to preserve 148 existing affordable housing units and add 64 new units, representing an 8.5% increase in the town's affordable housing inventory.

The total cost for these projects is estimated at $94 million, with $17 million sought from Community Preservation Act (CPA) funding. This investment is expected to leverage an additional $77 million in non-taxpayer funding, underscoring the financial viability of the initiatives.

Construction for both projects is anticipated to begin in 2026, marking a significant step forward in Needham's efforts to combat its affordable housing crisis. The meeting concluded with a commitment to continue pursuing additional projects in the coming years, as the town seeks to meet the growing demand for affordable housing solutions.