Affordable over-55 development opens in Revere
City and state officials recently took part in a ribbon-cutting celebrating the opening of an affordable housing development for people 55 and over in downtown Revere.
One Beach features 39 units, including 30 two-bedroom and nine one-bedroom apartments in a four-story building at the intersection of Broadway and Beach streets. Amenities include a large ground-floor common room with a full kitchen, a library, computers, and a piano; a fitness room; and an outdoor courtyard with onsite parking.
All units are restricted to households earning up to 60 percent or less of the area median income. One bedrooms will rent for $1,056 per month, and two bedrooms, $1,266.
The Neighborhood Developers, a nonprofit that builds affordable housing and works to revitalize neighborhoods in Chelsea and Revere, built and will own the development. Construction began in April 2015 following demolition of a long-vacant building.
Officials noted that the development is a short walk from Revere’s senior center, City Hall, and the public library, and that three MBTA bus lines stop in front of the building, one of which connects residents to the Blue Line.
The Neighborhood Developers have built and own 48 other affordable rental units in Revere, including 30 family units recently completed in the Shirley Avenue neighborhood.
A mix of state, federal, and private financing funded the $12.2 million One Beach project.
“This new project provides an opportunity for seniors to enjoy safe, secure housing in a brand new facility,” Mayor Brian Arrigo said in a statement. “We gladly welcome One Beach to our community.”
According to the developers, there have been 680 applications for the 39 apartments since the process began in December. Among those who qualified under income guidelines, residents were selected by lottery.