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BOSTON-MassHousing, the state’s affordable housing bank, made a $25.2 million financing commitment for the redevelopment of Maverick Gardens, an East Boston public housing project owned by the Boston Housing Authority in East Boston.

The three-phase project will result in the construction of 396 units of affordable rental housing. “This project is an example of the type of affordable rental housing that can be created when the city, state and federal government, along with private developers all work together toward a common goal,” says MassHousing executive director Thomas R. Gleason.

Maverick Gardens, which is being developed by Trinity East Boston Development Partnership, currently consists of 413 severely distressed housing units bordered by Maverick, New Sumner and Havre Streets near the inner harbor in East Boston. The redevelopment of the housing will take place in three phases, with phases one and three taking place on the existing site and phase two taking place on a vacant parcel adjoining the site. MassHousing has committed financing for phases one and two, which will run concurrently, and anticipates a role in the third phase as well.

Phase one of the project will comprise 150 units of mixed-income rental housing and will include 65 one-bedroom units, 58 two-bedroom units, 21 three-bedroom units, and six four-bedroom units in one mid-rise building and four additional attached townhouses. Phase two of the development will comprise 80 units of mixed-income rental housing and will include 38 one-bedroom units, 26 two-bedroom units, and 16 three-bedroom units in one six-story mid-rise building. There will also be 41 garage spaces and 17 surface parking spaces.

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