Lena New Boston Continues $200M Residential Redevelopment in Boston

BOSTON — Lena New Boston, a partnership between New Boston Fund and Lena Park Community Development Corp., is continuing its $200 million redevelopment of the former Boston State Hospital site with 41 additional two- and three-bedroom units of mixed-income townhomes at Olmstead Green, the first workforce housing/homeowners project in Boston funded by MassHousing’s Opportunity Fund, the Department of Neighborhood Development and the Neighborhood Housing Trust. The project’s overall master plan calls for 514 mixed-income rental and homeownership units. To date, Lena New Boston has completed 210 units of affordable housing and 19 units of homeownership townhouse at Olmstead Green. The first units in the latest phase will be delivered next month with the remaining units delivered in phases through April 2018. Eleven of the units will be priced at $210,000 for first-time homebuyers making at or below 80 percent of the area median income (AMI) and 11 of the units will be priced at $267,500 for first-time homebuyers making at or below 100 percent of AMI. The remaining 19 units will be sold at market rate, ranging between $320,000 to $360,000. Financing for the current phase, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private Bank, as well as $2.25 million in public funding from the City of Boston and $1 million from MassHousing’s Workforce Housing Opportunity Fund.