Revere Affordable Housing Trust approves $250,000 commitment to 110 Ocean affordable housing project

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 proposal calls for eight group‑living units (to serve residents who receive Department of Mental Health services) and 48 family units. Lafreier said half of the 48 family units would be targeted at 30% of area median income (AMI) and the other half at 50% AMI. He also said 12 one‑bedroom units would be set aside through the Facilities Consolidation Fund for DMH referrals and four units would be supported by a Home ARP allocation for qualified populations.

Lafreier presented a sources‑and‑uses summary showing about a $2.5 million gap in the project budget as of the recent application. He said the team had received a positive vote from the North Suburban Home Consortium for $1.1 million of HOME‑ARP funds and had applied for a Department of Energy Resources (DOER) decarbonization grant. "We're asking the Revere Housing Trust for $250,000, which is about 10% of the gap," he said, and added the timing would help the project start construction in late summer or early fall.

Board members discussed flexibility in the timing of payments and the Trust’s ability to split the $250,000 over multiple fiscal years. Lafreier said the loan documents would need to be signed in order to start construction, but added that the developers could accommodate payments later in the construction period. The board chair and other members emphasized the leverage effect of unlocking state and regional funding.

Board member discussion emphasized local preference and the number of Revere residents likely to benefit. The developers noted that up to 70% local preference can be applied to units that go through the standard lottery; the DMH‑referenced units would come through a direct referral process. Board members observed that contributing Trust funds would help leverage other sources and increase the number of deeply affordable units in a neighborhood that otherwise is seeing market‑rate development.

After discussion, the Trust moved to approve the $250,000 commitment to the 110 Ocean project, with the board agreeing to allow the funding to be spread over three fiscal years if necessary. The motion carried; board members present voted in favor.

The developers said they expect to sign financing and move toward an August–September construction start and that construction would continue about two years. They also agreed to provide monthly project updates and to meet with neighbors before construction begins.

The Trust's commitment does not change any other pending funding decisions by state or regional agencies, and the project remains contingent on closing the remaining financing sources identified by the development team.