Affordable Housing's Puzzle Master
“I’m still a little overwhelmed," says David Abromowitz, the co-chair of Goulston & Storrs real estate group. He wasn’t referring to all the projects he and his team are handling. He’s talking about the Vision Award he just received from the National Housing & Rehabilitation Association for his career of helping affordable housing get built in this very expensive market. On Thursday, he expects Mayor Walsh’s housing team to release a new plan he helped formulate, aimed at creating more mid-market residences. Some likely aspects: promote more density and introduce new tax breaks and other incentives.
David is working with the Carabetta Cos on the state’s largest affordable housing project: the $150M renovation and refinancing of the 1,215-unit Lincoln Village. It will preserve affordable housing for 3,500 residents for 50 years. With the construction start slated for Q1 ’15, he’s helped raise $70M from the MassHousing Finance Agency and is securing the remaining financing. As an attorney, he deals with the complexities of any real estate deal plus brings together public agencies with rules not designed to be coordinated. The reward: David helps produce developments he can “show off” to his kids.