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Revere Affordable Housing Trust approves $250,000 commitment to 110 Ocean affordable housing project
Summary
The Trust voted to commit $250,000, spread over up to three fiscal years, to help close a roughly $2.5 million financing gap for a 56-unit affordable development at 110 Ocean being advanced by neighborhood nonprofit developers (TND) and North Suffolk Community Services.
The Revere Affordable Housing Trust Fund Board voted May 14 to commit $250,000 toward the 110 Ocean affordable housing redevelopment, a mixed rental project proposed by the neighborhood developers working with North Suffolk Community Services.
The board’s chair, Joe Gravalese, opened the presentation and turned the floor over to Steve Lafreier, director of real estate at the neighborhood developers (TND). "We're here to talk about 110 Ocean," Lafreier said, describing the site as currently owned by North Suffolk Community Services and occupied by eight residents in group living and one resident in an apartment. He told the board the existing building is "reaching the end of its useful life" and described a proposed seven‑story, all‑electric, passive‑house designed building with 56 homes.
The developers presented the project program and affordability structure. The…
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