Seabeds funding announced; Linden Street affordable-housing plan depends on project sequencing and state capital unlock

Town officials updated the Community Preservation Committee on the Seabeds project and its connection to the Linden Street affordable-housing proposal, saying state funding and project sequencing will determine whether Linden Street can move forward.

Paul Dawson summarized a recent press announcement and said the state has officially announced approximately $1,100,000 for the Seabeds project; he also referenced a previously discussed $3,200,000 funding package connected to the effort. "One of the key components of the funding that we represent ... did get announced officially. And that's ... $1,100,000," Dawson said.

Dawson and others explained Linden Street’s financing depends on two developments: (1) Seabeds must proceed to construction so certain deeply affordable subsidy units become available to attach to the Linden Street project; and (2) a $4,000,000 state earmark from the Affordable Homes Act must be unlocked and moved into the state's capital plan. Without those pieces the Linden Street team lacks the financing assumptions required by tax-credit reviewers. Dawson said the team plans to reapply in the next funding round, with preliminary application deadlines in early December and final application deadlines in March.

Why it matters: the sequencing and state capital approvals affect both projects’ feasibility and the town’s ability to preserve and create deeply affordable units. Committee members discussed timing and the need to keep Seabeds on a path to construction so Linden Street’s subsidy structure can be achieved.

Speakers quoted in this article are those who described Seabeds funding and the Linden Street financing dependencies.