The Preserve at Olmsted Green Homeownership II

Olmsted Green Homeownership II is a new construction, homeownership project with 80 total units, of which 36 units (45%) will be restricted at either 80% of 100% of AMI, with an additional 27 units restricted at 120% of AMI and 17 unrestricted units. The project is 20 buildings total and also includes three private streets. This project represents an additional phase of the master redevelopment of the former Boston State Hospital site that Lena New Boston has led, and to which the City of Boston has contributed significant subsidy support. The original application for City funds had a request for $2.5 million in City funds (on top of$750,000 in NHT funds), but owing to over $7.8 million in project cost increases since then, the development team is now requesting $5.1 million in City funds as well as the original NHT award. In addition to tapping MOH and NHT subsidy funds, the project is also relying on a significant level of(also increased) subsidy ($7,700,000, or $122,222 per affordable unit) from Commonwealth Builder.