HIT-Financed Project in Lynn, Massachusetts Breaks Ground
A ground-breaking for Gateway North residences took place in mid-December. The HIT committed $19.4 million to help finance this first multifamily project to receive assistance under Massachusetts Governor Baker's $100 million MassHousing workforce housing fund – reserved for families earning between 61% and 120% of area median income (AMI). Gateway North will have 10 workforce housing units.
U.S. Representative Seth Moulton joined Commonwealth and City officials and many other partners and supporters including Tom O’Malley, HIT development consultant, to mark the start of construction. The HIT is purchasing bonds and construction loan notes issued by MassHousing to finance the new construction of the five-story, 71-unit, mixed-income, mixed-use $31.1 million project in Lynn, approximately 10 miles north of Boston.
“It takes significant collaboration to address our current need for housing, and we have been gratified to work with the AFL-CIO Housing Investment Trust, the City of Lynn, Boston Capital, and the Commonwealth of Massachusetts to turn Gateway North into reality – into homes for families in Lynn,” said Tom Bauer, Managing Principal of Hub Holdings, LLC, co-developer of the project.
Gateway North is located at the corner of Washington and Sagamore Streets, directly across from North Shore Community College and within three blocks of the Lynn Commuter Rail Station and Bus Depot.
Tom O’Malley noted, “The HIT is pleased to help finance another MassHousing project that brings critically needed affordable and workforce housing to Massachusetts families and we appreciate the involvement of the City of Lynn and the Commonwealth.”
The project is expected to create an estimated 130 union construction jobs.
Since 1984, the HIT has invested $578 million in 43 projects in Massachusetts and its Building America subsidiary has provided tax credits to three additional projects, all together leveraging $1.6 billion, and creating over 5,300 housing units, with 90% affordable and workforce housing. Construction at these projects has created an estimated 6,700 union construction jobs and over 14,800 total jobs across industry sectors. These projects have generated an estimated $2.6 billion in total economic benefit to local communities in the Commonwealth, including over $1 billion in personal income to residents, and have produced an estimated $77 million in state and local tax and fee revenue.
Job and economic benefit estimates (in 2015 dollars) are calculated by Pinnacle Economics and the HIT using an IMPLAN input-output model based on HIT project data and secondary source materials.