Tags: FinancingConstruction Underway at The Watson in Quincy as MassHousing Closes on $37.2 Million in Financing for the New Workforce Housing Community By Boston Real Estate Times • August 31, 2017 Boston Real Estate Times 0 Likes 0 Comments PrintBOSTON – Construction is underway at The Watson in Quincy, as MassHousing has closed on $37.2 million in financing to the WinnCompanies and NeighborWorks of Southern Massachusetts, to support the development of 140 new apartments for middle- and lower-income residents.MassHousing is providing the WinnCompanies and NeighborWorks a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD).“The Watson is a dynamic project that showcases a number of MassHousing’s priorities,” said MassHousing Executive Director Tim Sullivan. “The Watson will deliver new growth to a Gateway City. It will create a true mixed-income community. And, by combining workforce housing funding with market-rate and low-income housing tax credits, the Watson will generate long-term affordability for both low-income and middle-income households, while minimizing the use of scarce state affordable housing resources. MassHousing is proud to partner with the WinnCompanies, NeighborWorks, and the City of Quincy, to help advance this exciting new housing community.”Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates.
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