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The HIT is providing $2.0 million in construction and permanent financing for the $28.8 million, third phase of the Maverick Landing project, the redevelopment of a severely distressed public housing development in the East Boston waterfront area. Of the 92 total units being financed by the HIT in the third phase, 77% are designated as affordable.
When all four phases are complete, the Maverick Landing community will offer 396 mixed-income units, with 305 of these reserved for households earning of no more than 60% of area median income.
The redevelopment of this former public housing complex is expected to serve as a catalyst for other economic revitalization in its East Boston neighborhood. Maverick Landing will offer residents a variety of housing types, including townhouses, duplexes with individual entries and mid-rise apartment buildings.
Work on the Maverick Landing project will generate over 120 family-supporting union jobs.
Total Development Cost:
Union Jobs Created:
Governor's Smart Growth Leadership, 2004; AIA "Show Your Green" Excellence Award, 2005; Best Overall Dev., Affordable Hsing. Magazine, 2006; National Affordable Hsing. Mgmt. Assoc., Quality Comm., 2008; Terner Prize, Affordable Housing Dev., 2009