TD Bank and MassDevelopment Finance 56 Affordable Apartments in Revere

BOSTON AND REVERE, MASS., Jan. 20, 2026 - TD Bank has purchased a $23.45 million tax-exempt bond issued by MassDevelopment on behalf of TND 110 Ocean LLC, an affiliate of The Neighborhood Developers (TND). TND will use the proceeds to build a new seven-story, 56-unit affordable housing development at 110 Ocean Ave. in Revere, Massachusetts. The development will include 32 homes rented to households earning up to 50% of area median income (AMI) and 24 homes rented to households earning up to 30% of AMI. Construction is underway and is expected to be completed in September 2027.

The tax-exempt bond purchase by TD Bank helped the borrower achieve a lower cost of capital; Massachusetts Housing Partnership will assume the TD Bank bond and provide long-term fixed-rate financing for the project upon construction completion.

In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $20.6 million in equity for the project. This project also received support from the Department of Energy Resources, Boston Financial Investment Management, North Suburban Consortium, Revere Affordable Housing Trust, and Housing Ministries of New England, as well as predevelopment funding from Community Economic Development Assistance Corporation, Children's Investment Fund, and the Life Initiative.

"Public-private investment in new housing development supports our workforce and advances our economy," said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment's Board of Directors. "These new affordable apartments in Revere are a prime example of how collaboration can help drive Massachusetts communities forward."

"The Healey-Driscoll Administration is proud to help bring this new, affordable and transit-oriented housing to life on the Revere beachfront," said Ed Augustus, Secretary of the Executive Office of Housing and Livable Communities. "This Administration is committed to ending the state's housing shortage and bringing down housing costs for all residents. Projects like these are essential to meeting the state's housing goals."

"The housing shortage has been felt across the state, but the lack of affordable development has hit even harder. This bond bridges the finance gap to allow this project to move forward and will be a lifeline to supply Revere residents with more affordable housing options," said Revere Mayor Patrick Keefe. "I'm confident that the collaborative work between the City of Revere and TND benefits all of our residents, and contributes to the strength of our community."

"MassDevelopment has been a proud partner of The Neighborhood Developers, a community development corporation working hard to create and preserve affordable housing for residents of Chelsea, Everett, and Revere," said MassDevelopment President and CEO Navjeet Bal. "We are pleased to provide access to tax-exempt financing, in coordination with TD Bank and Massachusetts Housing Partnership, to support the organization's latest project that will bring 56 new affordable apartments online."

"TD Bank partners with clients who are committed to building stronger, healthier communities. 110 Ocean brings a high impact project to the city of Revere," said Andrew Warren, Senior Vice President of Community Development Lending, TD Bank. "This building will help give families a place to call home while also providing key services that allow residents to thrive. It not only provides affordability to those who need it, but it puts them in a prime, transit-oriented location with ocean views and community classes."

"MHP is pleased to be once again working with The Neighborhood Developers and providing $6.5 million in permanent financing to support redevelopment of this site in the heart of Revere Beach," said Massachusetts Housing Partnership Executive Director Clark Ziegler. "TND is a terrific community partner and this new building will have a positive impact on the entire neighborhood."

This project will be developed in collaboration with North Suffolk Community Services (NSCS), formerly located on the site being redeveloped, to provide resources and homes for individuals seeking mental health services. The original facility provided group living services for seven individuals, who will have the ability to return home to the updated building when construction is complete. The new building will maximize NSCS' impact by incorporating community space for the organization to provide supportive services and classes for community members. Once complete, the project will include 30 two-bedroom apartments and six three-bedroom apartments along with eight group living units and 12 one-bedroom apartments for residents eligible for services through NSCS.

"NSCS deeply values our longtime partnership with The Neighborhood Developers, and we appreciate MassDevelopment's support of this vital project," said North Suffolk Community Services President and CEO Judi Lemoine. "Stable housing is a key factor in helping people with a mental health diagnosis be independent and engaged in their community. By co-locating housing with supportive services and creating a significant number of affordable units, this project is meeting many of the most pressing needs of our communities."

The Neighborhood Developers (TND) seeks to create strong neighborhoods where every resident can build stability, achieve economic mobility, and shape their own future. Headquartered in Chelsea and serving the neighboring communities of Revere and Everett, TND has more than 40 years of experience tackling affordable housing from every angle by developing and preserving safe, healthy homes so that all neighbors have a place to call home. Beyond housing, TND helps residents stay and thrive through rental and employment assistance, one-on-one financial and career coaching, and connections to essential resources such as food and health care. The organization also cultivates local leadership, empowering community members to advocate for themselves and their neighbors. As part of the communities it serves, TND works side by side with residents to ensure that everyone has the opportunity to thrive.

"We are thankful to our partners at MassDevelopment, TD Bank, the Massachusetts Housing Partnership, and the City of Revere for helping make this development possible," said The Neighborhood Developers Executive Director Rafael Mares. "110 Ocean Avenue will bring new homes and stability to people who have long been part of this community but have struggled to find housing they can afford. Our collaboration with North Suffolk Community Services will ensure that residents not only have a place to live but also access to the supports that help people build stability and connection."

MassDevelopment has previously supported The Neighborhood Developers, including issuing a $34 million tax-exempt bond in September 2025 to finance a new 125-unit affordable housing development in Everett that TND is developing with Impact Residential Development.

About TD Bank, America's Most Convenient Bank^®

TD Bank, America's Most Convenient Bank, is a leading U.S. bank with more than 10 million clients and a network of approximately 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. We support our clients and communities with a full range of retail, small business, and commercial banking products and services. We also offer customized private banking and wealth management services, a comprehensive suite of credit card products for consumers and businesses, and automotive vehicle financing and dealer commercial services.

TD Bank is one of the 10 largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J. To learn more, visit https://www.td.com/us.  

TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD."

About MassDevelopment

MassDevelopment, the state's development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.

Media Contacts:

Nick VillanoTD [email protected]

Kiara [email protected]