Devenscrest tenants have fought for four years to retain low-cost units in tight-knit development

AYER – The Devenscrest Tenants Association (DCTA) is praising state housing officials, local legislators and the housing advocates of the Massachusetts Law Reform Institute (MLRI) for their commitment to enabling  an agreement with a new buyer, the Schochet Companies, that will keep families in their homes with rents they can afford.  Gov. Maura Healy today announced a funding award that will help to make the transaction possible.

“We are so grateful to the Commonwealth for its funding commitment as we’ve been working tirelessly with our public and private partners to figure out a way for our families  to stay in the community we love, with neighbors we know, at prices that we can afford,” said Elizabeth Sheriff, President of DCTA.  “This announcement today is a crucial step in the process.”

Devenscrest was sold in 2021 to a private developer sparking concerns that the properties could be rehabbed and put on the market at prices the current renters could not afford.

Executive Office of Housing and Livable Communities (EOHLC) Secretary Ed Augustus met with tenants, faith leaders and Sen. Jamie Eldridge and worked closely with local officials and tenants to find the best path to maintaining affordability. Schochet Companies of Braintree, a developer known for preserving affordable housing and working with tenants to remain in their homes, partnered with DCTA in 2023 in an effort to purchase Devenscrest and retain current tenants and affordable rents. Schochet signed a purchase and sales agreement for the development in March.

Ann Jochnick, an MLRI housing attorney who has worked for years with tenants to try to keep families in their homes, said Devenscrest is an example of the increasing need to preserve Naturally Occurring Affordable Housing, housing that is affordable without subsidies.

“Thanks to the state’s commitment to keeping people in affordable homes, we are thrilled that Schochet partnered with DCTA at Devenscrest to be able to preserve these homes with affordable rents,” said Jochnick.

In announcing the state grants that included Devenscrest, Gov. Healey said, “Our administrationis working on all fronts to build more reasonably-priced housing and lower costs for everyone. These awards are creating thousands of apartments that people can actually afford. Congratulations to the municipalities and developers who are receiving these well-deserved awards today.”

Schochet President Richard Henken said that while some details are yet to be finalized, the state action is a critical milestone moving his company close to consummating the agreement with property owner Brady Sullivan Properties of New Hampshire.

“Secretary Augustus, Sen. Eldridge, Massachusetts Law Reform Institute, and so many others donating their time have worked tirelessly to help us reach an agreement that will keep people in the homes they can afford.  We are working to finalize the rest of our financial arrangements and hope to close on the sale in late fall,” Henken said. “I want to thank Brady Sullivan for coming to the table and working with us to make this happen.”

When the sale is finalized, Schochet will acquire and manage all 114 units in 37 separate buildings at Devenscrest and restrict their rents in accordance with a binding Affordability Covenant guaranteeing affordability for the long term.

“We are proud to stand with the families of Devenscrest as they accomplish this long-sought goal,” said Georgia Katsoulomitis, Executive Director of Massachusetts Law Reform Institute. “With the leadership of the Healey Administration, the support of Sen. Eldridge, the commitment of Schochet Companies, and the strength and perseverance of the tenants, these families will be able to remain in the homes and neighborhood they love. This partnership exemplifies what can be accomplished when tenants, advocates, state and local officials, and affordable housing developers work together to preserve communities and prevent displacement.”

#####

About Schochet
The Schochet Companies is a full-service real estate development and management company founded by Jay R. Schochet more than 50 years ago. Since that time the company has developed, owned, and/or managed more than 7,000 apartments, the bulk of which are affordable, and more than 600,000 square feet of retail and commercial space throughout New England and on the West Coast. Today, Schochet Companies owns and/or manages more than 5,500 apartments and 100,000 square feet of commercial space throughout New England. Headquartered in Braintree, the company employs more than 170 people. For more information about Schochet please visit www.schochet.com.

About the Massachusetts Law Reform Institute:
Founded in 1968, Massachusetts Law Reform Institute (MLRI) is a nonprofit poverty law and policy program that provides statewide advocacy and leadership in advancing laws, policies, and practices that secure economic, racial, and social justice for low-income people and communities. To learn more, visit MLRI.org.

Media Contact:
Madeline Graf, mgraf@mlri.org
Nachamah Jacobovits, nachamahj@yahoo.com