SWAMPSCOTT — Developers from WinnCompanies presented a project plan to the Affordable Housing Trust Thursday in hopes of gaining a funding commitment for a mixed-income development.
The proposed 128-unit development along Essex Street, Elm Place, and Pippin Road, would be the first project to receive funding from the Affordable Housing Trust (AHT), created in 2017 to address Swampscott’s lack of affordable housing.
According to the 2016 Swampscott Housing Production Plan, as of October 2015, only 3.7 percent of the 5,795 year-round units were considered affordable by state standards, well below the recommended level of 10 percent affordability.
“We’re definitely not anywhere near where we need to be,” said Kimberly Martin-Epstein, the AHT Chair.
The need for more affordable housing is compounded by Swampscott’s aging population.
“The over-65 population will nearly double by 2030,” reads the Housing Production Plan. “Almost half of senior households have an annual gross income of less than $40,000.”
AHT funds can be used to support the development of affordable housing at the discretion of the Board of Trustees, with the approval of the Board of Selectmen.
The AHT has thus far been unable to support any projects due to a lack of resources, though a new stream of funding now lets it consider allocating funds.
A payment from Groom Construction in September put the AHT’s balance at $150,000, and two additional payments for $150,000 and $300,000 are expected in the near future from other developments.
Winn, a private developer with significant experience building affordable, mixed-income, and senior housing, plans to submit a full permit application to The Department of Housing and Community Development in January 2021.
Winn Senior VP Adam Stein expressed his hope to receive $200,000 to $250,000 in grant funding, though he noted that not all this funding would need to come from the AHT.
AHT members were generally in favor of the new apartments, 64 percent of which would be income-restricted. Within that 64 percent, 13 percent of the units would be offered at 30 percent area median income, and 28 percent would be offered at 60 percent area median income.
“I think it’s a very beneficial project for the town and I’m excited about it,” said AHT alternate member Kristin Saccoccio.
The AHT will hold a public meeting next week to decide whether to commit to supporting the project.
Guthrie Scrimgeour can be reached at [email protected].
