Structuring a Mixed Finance Solution to the Redevelopment of Local Public Housing Units
Needham Housing Authority, Client
The $12 million redevelopment of High Rock Homes in Needham, MA consisted of the demolition of existing public housing units allowing the creation of 20 new workforce ownership units (priced from 80% to 110% of Area Median Income) and 20 new affordable rental units which integrated project based vouchers with private loans. High Rock Homes was one of the first Commonwealth Local Housing Authorities which was redeveloped utilizing newly enacted mixed finance regulations. As the prime development consultant, Peter Smith led the redevelopment effort which included unanimous town meeting support, closing on a financing structure which incorporated seven different funding sources and the oversight of the construction, rent-up and sale of the new units.
High Rock Homes LLC, an affiliate of the Needham Housing Authority served as the developer, owner and property manager.