CPA Proposals & Projects

27-29 and 35 Commonwealth Avenue / Covenant Residences

Community Housing

27-29 and 35 Commonwealth Avenue, Chestnut Hill, MA 02467

goals:

Create 15 homeownership units with a total of 21 bedrooms (9 units with 1 bedroom, 6 units with 2 bedrooms), affordable in perpetuity to households earning up to 80 percent of area median income, in a combination of a rehabilitated 13-unit building and a new 44-unit building.

funding:

$1,207,825 CPA funds appropriated (community housing), including $7,825 for City of Newton legal services
$300,000 Reimbursement to Newton's Community Preservation Fund based on revenue-sharing provisions in grant agreement, which required partial repayment of CPA grant if sales of market-rate units generated specified minimum revenue targets.
$907,825 net CPA funds spent (community housing)
other funding sources:
$500,000 only other public funds, from Massachusetts Affordable Housing Trust
$16,222,886 costs covered by sales revenue from housing units & parking spaces (sold separately)
$17,430.711 TOTAL PROJECT COST
 

contacts:

Ms. Susan Gittelman
B'nai B'rith Housing New England
34 Washington Street
Brighton, MA 02135
susan@bbhousing.org
phone: 617.731.5291
fax: 617.739.0124

Proposal Review & Appropriations

19 December 2005 - initial proposal to Newton CPC: summary & full proposal, B'nai B'rith Board members

28 December 2005 - alternative version of same proposal: "one-stop" application for Newton housing funds

24 March 2006 - updated project budget

5 April 2006 - CPC funding recommendation, including initial revenue-sharing proposal

1 May 2006 - Board order (appropriation)

Project News

5 February 2007 - final revenue-sharing agreement

9 May 2008 - project opening (photos)

15 July 2009 - maximum $300,000 returned to Newton's Community Preservation Fund

16 December 2010 - project wins the Urban Land Institute's Jack Kemp Award for workforce housing (photos)

24 November 2014 - state cost & revenue analysis; final developer profit confirmed as 12.55%

  • The Massachusetts Housing Finance Agency is required to audit each project constructed with a Comprehensive Permit (MGL Ch. 40B), to confirm both costs and revenue. State law requires the developer to return any profit above 20 percent from such a development to the local community, for the support of affordable housing.

 

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