HNEF-financed transit-oriented development in downtown Haverhill "breaks ground"

HAVERHILL – A ceremonial groundbreaking was held today to mark the beginning of the redevelopment of 87 Washington Street – a historic building in the heart of Haverhill that is being converted into rental housing and retail space. The new transit-oriented development will help revitalize this Gateway city and serve as a catalyst for increased investment.

Built in 1900, 87 Washington Street is two blocks from the Haverhill rail station and within walking distance to municipal services, grocery stores, restaurants, the Haverhill YMCA, pharmacies, banks and other amenities. The four-story brick building is being developed by Boston-based Traggorth Companies and will consist of 24 loft apartments and 3,500 square feet of retail.

The help make this development possible, HNEF provided $1.4 million in gap financing. HNEF chose this development for investment because of its strong public support, immediate access to public transportation, and opportunities to reduce health disparities. Several other older vacant buildings in downtown Haverhill are being brought back to life with new housing and retail space.

Historically an industrial city that has confronted higher unemployment and poverty, lower educational attainment and health disparities, Haverhill has over the last several years embarked on transformative strategic initiatives to revive its downtown and make Haverhill a more prosperous and a more walkable and bicycle-friendly city.

To make the city more walkable, for example, the city has improved sidewalks and planted trees and is in the process of improving access to its downtown Riverwalk along the Merrimack River. Its goal is the complete a loop for walking and bicycling along Washington St. across the Merrimack River and to encourage, walking, bicycling, boating, kayaking, jogging and other outdoor activities.

Besides HNEF’s investment, major financing for 87 Washington Street is coming from the MassDevelopment. The $9 million project is receiving federal and state historic tax credits and funding through the state’s Housing Development Incentive Program (HDIP), a program that helps Gateway cities create mixed-income housing, promote neighborhood stabilization, and support economic development through tax credits.

 87 Washington Street is HNEF’s seventh investment, for a total of $19.4 million invested to date. This development is expected to create 12-17 new full-time retail jobs and 100 construction jobs. HNEF’s seven project investments will have leveraged an additional $131 million of private and public investment in low-and moderate-income neighborhoods, and they will have created 552 new units of housing and 137,588 square feet of commercial space.  

Occupancy at 87 Washington Street is expected at the end of 2019.

HNEF is subject of panel at ULI's Building Healthy Places Interest Forum in Boston

On Monday, October 8, Peter Sargent, MHIC Director of Capital Development, and Andrew Seeder, CLF Senior Associate for Research and Metrics, participated on a panel about HNEF at the Urban Land Institute’s Building Healthy Places Interest Forum.

This forum brings together leaders in health, wellness, and real estate to discuss what they are doing, planning, and observing in the field. Another featured panel was "The Rise of Healthy Building Certifications".

The Building Healthy Places Interest Forum was organized in collaboration with ULI member leaders and focused on sharing information about Boston-based projects at the intersection of health and the built environment and applying lessons from these projects to the work of forum participants from across the country.

 

"Improving Health and Environment Through Place-Based Investing: The Healthy Neighborhoods Equity Fund"

What led to the creation of HNEF? Why is HNEF needed and how does it work? What outcomes does HNEF seek to achieve and how are impacts measured? These are among the questions answered by Maggie Super Church and Kathy McGilvray in their interesting and authoritative article, published in the most recent issue of the American Bar Association’s Journal of Affordable Housing.

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HNEF celebrates completion of Braintree development -- a major, mixed-use TOD project: "The type of solution our region needs..."

Landing Ribbon Cutting.jpg

A Grand Opening ceremony was held last month to celebrate completion of Landing 53, a new transit-oriented real estate development (TOD) in Braintree. The project, for which HNEF I invested $5 million, is the second of the equity fund’s projects to be completed.

HNEF officials joined the developer Joshua Katzen and the development team, Braintree Mayor Joseph Sullivan, other public officials and area residents to view the project, reflect on its importance for Braintree’s ongoing revitalization, and to cut the symbolic ribbon.

At the ceremony, MHIC President Joe Flatley said, “This area used to be a thriving industrial and commercial district. Now it’s once again becoming a vibrant community. Landing 53 will help boost Braintree’s economy and ignite the transformation under way.”

Landing 53 is directly across from the MBTA’s Weymouth Landing-East Braintree commuter rail station, built on land formerly occupied by semi-vacant buildings. It has 172 moderately-priced rental apartments and ground floor commercial/retail space.

The 2-acre site on which Landing 53 was built was considered ideally suited for redevelopment because of its proximity to public transit, strong public support, and other revitalization efforts under way. When considering the project as a potential investment, HNEF focused on its potential for transformative impacts and concluded that the project could contribute significantly to the health of the neighborhood and the people who live there.

It took three years for the development team to get the Landing 53 plan in place, and it was a major priority for the town, which spent $2 million in state funds and some town money to improve the area with underground utility lines and improved street lighting, sidewalks and crosswalks. HNEF’s investment in 2016 provided the crucial equity gap financing that enabled the project to move forward.

CLF President Bradley Campbell said, "CLF is proud to be a founding partner, along with MHIC, of HNEF I.  This transit-oriented development is the type of solution our region needs to address the serious and growing problems of climate change and public health.”

Now completed, the attractive building includes a health club, lounge, leasing office, common interior space, an elevated patio and indoor storage for bicycles, kayaks and canoes and other amenities to enhance the environment and encourage outdoor activity. For example, the developer connected pedestrian pathways around the property to a network of paths of the Monatiquot River and canoe launches, encouraging people to exercise and enjoy nature. On the ground floor, the building will contain 3-4 stores occupying a total of 12,000 square feet.

Holmes Beverly development nears completion

Holmes Beverly, a transit-oriented development for which HNEF provided a $4.9 million investment, is nearly complete. The new building, which is immediately next to the Beverly Depot commuter rail station – a big plus for residents – features 67 mixed-income rental apartments and about 4,500 square feet of ground floor commercial/retail space, plus a number of amenities that will promote healthy living. Holmes Beverly was designed to help create a stronger and more vibrant downtown Beverly. It will significantly advance the city’s and Beverly Main Streets’ vision for downtown revitalization and contribute to a healthy and thriving neighborhood. See what the Salem News had to say about this transformative project.

What is the state of research on housing's impact on health?

Find an answer to that question in a policy brief entitled "Housing And Health: An Overview Of The Literature” published on June 7th in Health Affairs, the leading journal of health policy thought and research.

Written by Lauren Taylor, this interesting brief outlines and evaluates available literature and research including examples of observational and interventional studies dealing with the impact of housing on health. The author reviews literature supporting housing’s impact on health through four pathways: housing stability, quality and safety, affordability, and neighborhood.

In her section on Policy Implications, Ms. Taylor writes about the role that private businesses, lenders, and investors can play. Banks, CDFIs and other commercial entities, she says, “should consider themselves potential anchors for community revitalization (or market opening) projects,” and cites the work of HNEF and Build Healthy Places Network as “especially instructive.”

The research and literature reviewed in this brief is informative and critically important for all who are concerned with making more equitable opportunities for affordable, safe, quality, and stable housing in healthy neighborhoods.

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HNEF evaluation team gets $450,000 to study hospital's community investments

Concerned about the social determinants of health and of housing in particular, Boston Medical Center (BMC) – an HNEF I investor – recently announced its $6.5 million investment to support a range of local housing initiatives, including funding for HNEF to study the hospital’s community investments.

Announcing the new initiative, BMC’s President and CEO Kate Walsh said, “Too often, we prescribe medicine to a family, when what they need just as much for long-term health is a prescription for stable housing. This investment remedies that and saves cost to the health care system in the process.”

Read the release

CLF's healthy neighborhood work gets major boost from Robert Wood Johnson Foundation

The Conservation Law Foundation (CLF) has announced a $4.3 million grant from the Robert Wood Johnson (RWJF) to continue its pioneering work to help create healthier neighborhoods in Massachusetts. The grant will support CLF’s ongoing research into the root causes of health disparities in low-income communities, the impact of development on those communities, and efforts to improve health outcomes through targeted investments.

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What does it take to attract investment in neighborhoods undergoing transformation?

On Monday, December 4th, that question was explored, and HNEF was featured on Marketplace, a business news program broadcast by National Public Radio. Senior reporter Dan Gorenstein came to Boston and Chelsea to look at one community where HNEF has invested. He spoke with the people behind HNEF and with those who are experiencing Chelsea’s renaissance.

Listen to the story: Investors make a bet to lift Boston-area neighborhood out of poverty

HNEF discussed as unique financial resource

Kathy McGilvray, MHIC Director of Investment, and Sarah Barnat, President of Barnat Development, joined other experts on a panel at the National Housing and Rehabilitation Association’s annual Fall Forum on November 7th. Kathy and Sarah gave an overview of HNEF and a recent HNEF investment – the Holmes at Beverly – a new mixed-use, mixed-income being built next to the Beverly Depot commuter rail station. Their panel was entitled, “Unique Financial Resources Improve Bottom Line and Enhance Tenant of Life.”

See slide deck of presentation for details

"Together in Boston"

The Greenbuild International Conference and Expo, which bills itself as the world’s largest green building conference – came to Boston on November 8-10. The conference is run by the U.S. Green Building Council, the organization that developed the LEED rating system.  CLF research director Vedette Gavin and CLF senior advisor Maggie Super Church participated on panels that discussed “Driving Equity” and “Value Creation Through Health Promotion.” Former President Bill Clinton gave a keynote address.

Hospitals can help build healthy communities through partnerships and targeted investments

How can hospitals support both margin and mission through investments in the social determinants of health, such as safe and affordable housing, healthy food, and stable employment? In their article for the Grantmakers in Health August newsletter (“Margin and Mission-Related Investing: How Hospitals Can Help Build Healthy Communities”), Dr. Megan Sandel and Maggie Super Church discuss these questions and argue that hospitals and health care systems can help build healthy communities through more targeted use of their investment capital.  

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Groundbreaking held for HNEF's Bartlett Station project in Roxbury

On Wednesday, August 2, the developers of Bartlett Station held a groundbreaking ceremony to celebrate new economic opportunity generated by this transformative project. Two buildings are currently under construction – one, which contains the 28 rental apartments (of a total of 60) and retail space supported by HNEF’s investment of $2.9 million, and another that will provide market and affordable homes to new homeowners. The ground floor retail space will be occupied by a grocery store tenant, providing access to fresh and healthy foods for area residents.

Bartlett Station is notable for: its scope, the number of jobs being created, the percentage of contracting jobs going to minority business enterprises, the number of jobs filled by workers of color, women, and Boston residents, and for the transformative impact this project will have in one of Boston’s most important neighborhoods.

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HNEF project in Beverly breaks ground

TOD Development will bring 67 units of new housing to formerly vacant downtown parcel    

On Wednesday, June 14, Governor Charlie Baker joined state housing and transit officials, local municipal officials and private sector development partners to break ground on 67 mixed-income, transit-oriented rental housing units adjacent to the Beverly Depot Commuter rail station.

110-114 Rantoul St., as the project is presnetly called, also will include ground floor retail/commercial space. It is being built on a formerly vacant site at 112 Rantoul Street and is being developed by Barnat Development.

The development will create 16 workforce housing units affordable to middle-income households, representing the first major shovel-ready redevelopment property under the Baker-Polito Administration’s “Open for Business” Real Estate Asset Leveraging (REAL) Strategy and an investment of MassHousing’s $100 million Workforce Housing Initiative.

HNEF is also supporting the project with a $4.9 million investment. In addition to MassHousing and HNEF funds, Beverly Barnat is being financed by Boston Private and the Federal Home Loan Bank of Boston.

A new way of thinking-- measuring outcomes to build and finance healthy communities

The Federal Reserve Bank of San Francisco and the Nonprofit Finance Fund have just launched their new book, “What Matters: Investing in Results to Build Strong, Vibrant Communities.” With a foreword by former Massachusetts governor Deval Patrick, this pathbreaking book is a compilation of essays that explores what it takes to reorient social programs and funding to achieve desired outcomes. The traditional focus for funding has been on activities and outputs, but, the authors argue, this model no longer works. Measuring and accounting for the benefits of investment will yield far better results in building healthy communities and satisfying investors and other stakeholders. Achieving this shift in focus is not easy and requires collaboration among the social, business and public sectors. But that shift clearly is gaining momentum across sectors and across the country.

Maggie Super Church, CLF Ventures, has a chapter in this book: Investing in Health From the Ground Up – Building a Market for Healthy Neighborhoods, in which she states that, “In this growing and dynamic market, there is clearly enormous opportunity to drive investment toward interventions that improve population health.” She poses the question: “why it is so difficult to finance the development of healthy communities when the benefits to people, communities, and the economy are so profound?" Read her chapter and find out why.

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Health as more than just the 'absence of disease'

Bridging Health & Community has just published its new report, Fostering Agency to Improve Health, Twelve Principles key to the Future of Health. Written by Pritpal Tamber & Bridget B. Kelly, co-founders of Bridging Health & Community, the report “seeks to change how we define health and how we approach health so that it goes beyond health care and public health to embrace fostering community agency.”  The authors advocate for a broader definition of health to mean more than just ‘the absence of disease.’

According to the authors, their “mission is to describe the field of practice that bridges how health systems and communities can approach ‘health.’” They define the field through a set of twelve principles.

Included in the report is an abstract of Maggie Super Church’s presentation, “Trying to find community-centric business models,” about HNEF and its progress and challenges at the July 16 2016 meeting of the Creating Health Collaborative.

See the report