Foundry Square

This 20-unit condominium development was built on the former site of the Newburyport Department of Public Works, converting a blighted structure and vacant property to a mixed-income urban square oriented around a landscaped common area. Thirteen of the units are reserved for first-time homebuyers earning below 80 percent of the area median income; sales prices for these units were kept low through subsidies from the sale of the 7 market-rate homes. Developers also received $650,000 from the state's Affordable Housing Trust fund, in addition to contributions from other funding sources. The development helps the city meet its goal of reserving as affordable 10 percent of all housing units; in addition 45 percent of units were initially sold to local residents.