BOSTON – February 10, 2026 – MassHousing and Just A Start announced today the closing of financing for 24 Webster Avenue in Union Square in Somerville, which will deliver 43 new, deeply affordable rental homes on the site of a vacant commercial space.
Just A Start will demolish a vacant commercial building and develop the new apartment homes in a six-story building to Passive House standards.
In 2024, Union Square was named the 38th coolest neighborhood in the world by Time Out magazine for its vibrant mix of arts, diverse independent businesses, walkability, unique cultural events, and its new Green Line station that provides easy access to Boston.
"This is a truly transformative project that will produce 43 brand new, energy efficient affordable rental homes in one of the most expensive neighborhoods in the Commonwealth," said MassHousing CEO Chrystal Kornegay. "We are excited for the residents who will be able to live affordably in Union Square with its economic opportunities, transit options and many amenities."
"This project is about ensuring that long-time residents and families can remain in and benefit from neighborhoods like Union Square," said Carl Nagy-Koechlin, Executive Director of Just A Start. "By transforming a vacant commercial site into affordable, energy-efficient homes, we are creating stability, opportunity, and a more equitable future in one of the region's most vibrant communities."
"In a city of four-square-miles, the transformation of 24 Webster is a great example of strategically using our existing space to deliver critical housing inventory," said Mayor Jake Wilson. "I look forward to building on this momentum with our community partners and making sure we keep creating opportunities for making, or keeping, Somerville your home."
MassHousing is providing $17.8 million in financing through the Agency's Conduit Loan Program. MassHousing issued tax-exempt housing revenue bonds, and the proceeds will be used to fund both construction and permanent loans in partnership with TD Bank and the Massachusetts Housing Partnership. TD Bank is additionally providing $22.8 million in construction financing.
Additional sources of financing include $21.2 million from the allocation of federal and state Low Income Housing Tax Credits by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), $3.2 million in direct support from EOHLC, $2 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of EOHLC, $1.7 million from the city of Somerville in HOME and Affordable Housing Trust financing, $3.9 million in acquisition financing from Somerville, a $113,440 sponsor loan with Somerville CPA funds, and $216,181 in Passive House incentives. The Community Economic Development Assistance Corporation (CEDAC) provided approximately $1.1 million in predevelopment financing.
The tax credit investor is Stratford Capital Group, and the state tax credit broker is Tax Incentive Finance.
There will be 13 studio apartments, three one-bedroom apartments, 14 two-bedroom apartments, and 13 three-bedroom units. Eight of the units will be subsidized with project-based Section 8 vouchers and restricted to households earning up to 30 percent of the Area Median Income (AMI), and the remaining 35 units will be restricted to households earning up to 60 percent of AMI.
The new building will have bicycle storage, a property manager's office, a community room, and other indoor and outdoor common spaces.
The project site is located near the Union Square Green Line MBTA station and is surrounded by small- and large-scale residential buildings, a charter school, and St. Joseph's Catholic Church. Nearby amenities include a supermarket, department store, banks, and many local restaurants and retailers. Lincoln Park and Prospect Hill Park are both located within easy walking distance of the site.
The general contractor is Dellbrook | JKS, the architect is ICON Architecture Inc., and the management agent will be Maloney Properties. New Seasons Development LLC is a project consultant and other project partners are Tierney Development Services and Klein Hornig LLP. The project is expected to be completed in the fall of 2027.
About Just A Start
Just A Start believes that access to stable housing and sustainable careers are the essential building blocks of equitable communities. For more than 50 years, we have focused on meeting the fundamental needs of individuals and families who have been systemically denied opportunities to realize their full potential. Our programs include affordable housing, education and job training, and comprehensive support services, spanning Cambridge and beyond. We have developed and currently maintain 600 affordable apartments. To keep community members housed, we also offer financial and technical assistance to prevent evictions, and support low- and moderate-income homeowners. Finally, we prepare individuals of all ages and circumstances with the skills and knowledge they need to secure fulfilling careers, leveraging their talents to achieve economic mobility and strengthen the region's workforce.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. MassHousing uses housing finance to strengthen communities, to help people build economic prosperity, and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com.
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