|
Covenant
Residences
Community Housing
|
location:
|
|
27-35 Commonwealth Avenue
Chestnut Hill, MA 02467 |
|
goals:
|
|
Provide 15 homeownership
units affordable to households earning up to 80
percent of area median income, in a two-building project: one
rehabilitated 13-unit building and one 44-unit new
building, with a provision to return up to $300,000 to Newton's
Community Preservation Fund if project income from sale of market-rate
units meets specified minimum levels. |
|
project
funding:
|
|
| $1,207,825
|
|
CP
funds
appropriated (community
housing)
including $7,825 for City of Newton legal
services
|
| $16,222,886
|
|
other funding sources:
| | only other public funds: $500,000 from Massachusetts Affordable Housing Trust | | all other costs covered by sales revenue from housing units & parking spaces (sold separately) |
|
|
$17,430.711
|
|
TOTAL
PROJECT COST |
$300,000 |
|
returned
to CP Fund |
| $907,825
|
|
CP
funds spent
(community
housing)
|
|
|
contacts:
|
|
Ms. Susan Gittelman
B'nai B'rith Housing New England
34 Washington Street
Brighton, MA 02135
email: susan@bbhousing.org
phone: 617.731.5291
fax: 617.739.0124 |
|
|
proposal
review & appropriation
|
|
19 December
2005
|
|
CP proposal:
summary & full proposal, B'nai B'rith Board members
|
|
19 December
2005
|
|
proposal attachments,
pt 1:
finances (budgets, valuation, etc.)
|
|
19 December
2005
|
|
proposal attachments,
pt 2:
maps, plans, elevations, traffic study
|
|
19 December
2005
|
|
proposal attachments,
pt 3:
need for & distribution of affordable housing in
Newton, letters of support |
|
28 December
2005
|
|
"one-stop"
housing proposal
|
|
24 March 2006
|
|
updated
project budget
|
|
5 April 2006
|
|
CPC
funding recommendation, including initial revenue-sharing proposal
|
|
1 May 2006
|
|
Board
order (appropriation) |
|
5 February 2007
|
|
final revenue-sharing
agreement |
|
|
project
news
|
|
15 July 2009
|
|
maximum
$300,000 has been returned to Newton's Community Preservation Fund
|