A new development aims to bring affordable homeownership opportunities to households earning up to 100% of the area median income in the Lower Roxbury neighborhood of Boston.
The 47-unit Northampton Residences will feature studio, one-, two-, and three-bedroom units for first-time buyers. The proposed sales prices will range from 49% to 63% of recent comparable sales in the immediate neighborhood, according to project officials.
Following the guidelines of co-investor Commonwealth Builder Program, homes prices are restricted during the first 15 years; thereafter, first-time buyers can sell their homes at fair market prices, enabling long-term appreciation and wealth creation.
The building will also feature a highly energy-efficient all-electric heating and cooling system with no fossil fuel usage, light-colored roofing to reduce heat island effect, an underground stormwater management system, and low-emitting design materials to increase sustainability and overall building health and efficiency.
The developer, THR Acquisition, will hold the 10% managing member interest. THR is a joint venture between Transom Real Estate and Harbor Run Development.
Massachusetts Housing Investment Corp. (MHIC) and Conservation Law Foundation (CLF) announced that their Healthy Neighborhoods Equity Fund (HNEF) II will help finance Northampton Residences.
The fund is providing a $4.63 million equity investment to purchase the 90% investor member interest in the project.
“HNEF II was created to finance inclusive mixed-use developments near public transportation that offer retail, housing, and social services to support healthier communities. The Northampton Residences project is ideally situated to offer all these benefits, resulting in a significant positive impact in Lower Roxbury,” said Moddie Turay, president and CEO of MHIC. “Most importantly, affordable homeownership options are critical to closing the wealth gap for low-income communities, and especially for individuals and families of color.”
The project’s architect is Dan Chen of Bargmann Hendrie + Archetype, and the project’s contractor is Kaplan Construction.