MassHousing has allocated $9.9 million in CommonWealth Builder financing for the development of 440 Broadway, a new residential project in Chelsea, MA. The development will consist of 28 condominiums available for purchase by moderate-income, first-time homebuyers.
The project is being undertaken by Causeway Development LLC and will involve the redevelopment of a previously city-owned parcel that currently houses an empty retail building in Bellingham Square. The five-story development will include 14 condos reserved for homebuyers earning up to 80% of the Area Median Income (AMI) and another 14 units for those earning up to 100% AMI.
According to MassHousing CEO Chrystal Kornegay, this initiative presents an excellent opportunity to revitalize a neglected area and provide much-needed housing options for first-time buyers in Chelsea.
In addition to MassHousing’s contribution, Eastern Bank is also providing $9.3 million towards construction financing while the City of Chelsea has committed $1 million from its American Rescue Plan Act funds. Furthermore, the North Suburban HOME Consortium is contributing an additional $800k towards funding this affordable housing project.
