10@8th, the largest new project in New Bedford, Massachusetts, to begin

Soon, the construction of 10@8th, a new affordable residential community in New Bedford, will begin. This was recently announced by Mayor Jon Mitchell and the project’s developers, Alinea Capital Group, LLC. Alinea is a real estate investment company engaged in the acquisition, development as well as management of commercial assets in Philadelphia.

The announcement came after MassHousing closed on US$ 16.4 million in financing for the project. MassHousing is a non-profit public agency supporting affordable homeownership in addition to rental housing opportunities in Massachusetts. The agency is providing Alinea with US$ 2.2 million in permanent financing and US$ 14.2 million in tax credit equity bridge financing for the 10@8th project.

Overall, funding and financing for the project are coming from a combination of city, state, and federal resources, as well as private partners. These resources include the federal American Rescue Plan Act (ARPA), state and federal Low-Income Housing Tax Credits (LIHTC) and the city’s Housing Expansion Initiative. Additional state resources, including debt and equity provided by the Commonwealth of Massachusetts Executive Office of Livable Communities, MassHousing, and the Massachusetts Housing Investment Corporation.

Last but not least, the 10@8th project will benefit from US$ 54,889 in Solar Tax Credit financing, and US$ 34,676 in Mass Save financing. The Massachusetts Housing Investment Corporation will be the tax credit syndicator and investor while JPMorgan Chase & Company will provide construction financing. The construction financing by Chase Bank totals US$ 15.6 million.

Altogether the project is set to receive more than US$ 70 million shot in the arm.

The largest project in New Bedford

According to reports, 10@8th is the largest new project in downtown New Bedford in close to 40 years.

Designed by DHK Architects, the new “affordable residential community will be built by D.F. Pray on upper Union Street. Particularly, 10@8th will occupy the site of the former Registry of Motor Vehicles building and parking lot.

Upon completion, expectedly in June 2025, the new five-storey building will feature commercial spaces on the first floor and a total of 52 one-, two– and three-bedroom apartment units on the upper floors.

8 of the 52 units will be reserved for households earning up to 30% of the Area Median Income (AMI). These units will reportedly be supported by a federal Section 8 Housing Assistance Payment contract. 36 of the remaining units will be set aside for households earning up to 60% of AMI, while the rest, 8, will be dedicated to households earning up to 80% of AMI.

10@8th will be LEED (Leadership in Energy and Environmental Design) certified because it will use clean energy such as solar power. Additional amenities include an underground parking garage for approximately 19 vehicles. Reportedly, the parking garage will have designated electric vehicle (EV) ready spaces. WinnCompanies, a fifty-year-old mixed-income multifamily housing developer, owner, and manager will manage the 10@8th affordable residential community.

10@8th, a part of the proposed Transit-oriented development

New Bedford is a centuries-old city with little developable land left and a severe housing crisis. Given these circumstances, city planners are advocating for “transit-oriented development” zoning districts. According to reports, the districts aim to create neighbourhoods with a dense mix of housing and businesses within a short walk, so residents don’t need to depend on cars.

10@8th is modelled in line with this proposal. It is thus in proximity to the regional public transportation, New Bedford City Hall and the University of Massachusetts at Dartmouth’s College of Visual and Performing Arts. Other amenities that will be near the new affordable housing community include the Zeiterion Theatre, the Whaling Museum and a collection of art galleries, restaurants, and other urban amenities.