Examples of New SeasonS projects

Downing Square Broadway Initiative, Arlington / Under Construction

1530 Tremont, Mission Hill / Under Construction

In 2017, Sociedad Latina purchased 1530 Tremont Street in Mission Hill to be the future home of the organization’s offices.  The building needed significant rehabilitation to meet the needs of its program and office space.  After two years of fundraising and planning, under the direction of Alex Oliver-Davila its Executive Director, we are excited to announce that in December 2019, Sociedad Latina closed on the project financing and began construction.  The funding sources include New Market Tax Credit equity provided by Capital One using a NMTC allocation by La Raza Development Fund and a permanent loan from Eastern Bank.  More than half of the $5+ million cost of the acquisition and renovation was sourced by a combination of public sources, including a grant from the Massachusetts Cultural Facilities Fund and private foundations.  This new space will enable Sociedad Latina to more effectively carry out its mission, which is to work in partnership with Latino youth and families to end the destructive cycle of poverty, unequal access to health services, and lack of educational and professional opportunities in the Latino community. One way they do this is through their “Pathways to Success” model, which includes a music clubhouse, mentoring, partnerships with local Boston schools on a STEAM program, workforce training and internships, and college preparation.  This holistic model connects young people aged 11-21 and their families to 10 years of intensive, free programming that uses culturally and linguistically responsive and sustaining practices.  Sociedad Latina works in partnership with families and cross-sector supporters, including local health care institutions and universities and colleges in the Mission Hill neighborhood, to capitalize on youth’s strengths and assets, such as strong community ties, bilingualism and high aspirations. The program goal is to create a world in which Latino youth see themselves as change makers, and to date, it has had much success. 

Congress Street Residences (CSR) (Salem)/coMpleted

The Congress Street Residences development is a preservation project comprised of 64 family rental housing units in 8 buildings.  CSR was financed with sources including 4%/State LIHTC equity, Fed/State Historic Credit equity, tax exempt bond financing, DHCD HOME and bond-funded sources and local sources such as CDBG, HOME, and CPA. NSD assisted North Shore CDC, a non-profit developer, in forming the project structure and drafting the pro forma, writing the applications for pre-development, construction and permanent financing, as well as in the construction closing, requisitioning and cost certification process. Construction and lease-up are complete, and the Commonwealth’s Department of Housing and Community Development has approved the project’s cost certification.

Project Notes: As part of the acquisition and rehabilitation effort, North Shore CDC was able to finance the development of community space for Salem’s Point neighborhood known as Espacio, where community events and classes occur. 

Residences at Salisbury Square (Salisbury)/Completed

The Residences at Salisbury Square on Maple Street and Elm Street is a $14 million project undertaking of the YWCA of Greater Newburyport. This residence will include 42 units of affordable housing and of which 26 units will be built at the former Spalding School and 16 will be new construction on Elm Street. The units are for extremely low income and very low-income families. Three units will be made available for households for people with disabilities with incomes less than 30 percent of the area median income (AMI);  five units will be built for homeless families with 30 percent of AMI; ten for households with incomes below 50 percent of AMI; an additional eight for those with 30 percent AMI; and 16 units will be held for those who make below 60 percent of AMI.

Project Notes: This project was funded using 9% LIHTC equity, a local bank permanent mortgage using an FHLB of Boston subsidized advance, an FHLB of Boston Affordable Housing Program grant, a local bank construction loan, State bond-funded sources, North Shore Consortium HOME funds, and the Town’s Affordable Housing Trust.

Selected Active NSD Consulting Projects

O’Connor Way, South Boston: 47-unit elderly rental housing project, sourced by 4% LIHTC equity, tax exempt bonds and Inclusionary Development Program funds. NSD has assisted the non-profit co-developers, South Boston NDC and Caritas Communities, with financial structuring and applications and the selection of a lender and an equity investor. NSD assisted the non-profit co-developers, South Boston NDC and Caritas Communities, with financial structuring and applications and the selection of a lender and an equity investor, as well as the closing process. The project's financing is now closed and the building is under construction.

The Lighthouses, Salem: 46 units, new construction. NSD assists a non-profit developer, North Shore CDC, with the program concept, design, zoning application, financial structuring, application and closing process, using 9% LIHTC.

Sirk and Chestnut Square Redevelopment, Lowell:
The Sirk and Chestnut Square Redevelopment includes the rehabilitation of two existing tax credit financed properties located in the City of Lowell, including 13 buildings and a community building.  NSD is assisting The Caleb Foundation in assembling a financing package that preserves and extends the affordability of 87 low and extremely low-income rental housing units, as well as produces one new low-income rental housing unit.  The project was awarded an Affordable Housing Program Grant from the Federal Home Loan Bank in December 2018.  WNC has been selected as the syndicator for the Low Income Housing Tax Credits.

New Point Acquisitions: New Point Acquisitions is an 18-unit family housing development, spread across three buildings in the Historic Salem Point neighborhood. NSCDC purchased these properties in 2017 and 2018 to protect them from the market forces that were driving many long-time residents from their homes. These properties have received only minimal upgrades since they were purchased and need substantial capital improvements.  NSD is helping NSCDC with project financing that will enable them to preserve these properties for the existing tenant households, the majority of whom earn well below 30% of median income.

Services to Municipal Entities

George Fernandes Way, Sandwich, 6-acre site in developer selection stage. NSD assisted the housing authority in the development of parameters for the RFP to be issued to potential developers of site for 24+ units of affordable rental housing, and in reviewing the RFP responses.

Sudbury Station, Sudbury, 250-unit proposed 40B project, under review by ZBA. NSD provided financial peer review services to the Town of Sudbury in relation to a request for a change in scope and size of the project.

Pointe at Hills Farm, Shrewsbury, 280-unit proposed 40B project, under review by ZBA. NSD provided financial peer review services to the Town of Shrewsbury in relation to a request for a change in scope and size of the project and for mitigation payments for sewer upgrades.

Note: New Seasons is currently helping three separate developers apply for project eligibility letters under Chapter 40B.  One project is a large project with over 250 units and the other two projects are in the 40-60 unit range.  They are all multi-family rental housing proposals.