**Chelsea Mixed-Income Development Secures $10.6M in Affordable Housing Financing**
MassHousing has closed on $10.6 million in affordable housing financing for a new mixed-income, transit-oriented development in Chelsea, Massachusetts. The funding was awarded to Arx Urban and Boston Communities to support the construction of 62 apartment homes on the city’s main commercial corridor.
The project, located at 375 Broadway, includes the development of a new six-story, 43-unit residential building, along with the moderate rehabilitation of an existing 19-unit structure. Strategically situated near the Chelsea MBTA Commuter Rail station and five major bus routes, the development is designed to offer accessible transportation options and contribute to the ongoing revitalization of the area.
“This new housing community in the heart of Chelsea will provide its future residents access to public transportation and economic opportunity,” said Chrystal Kornegay, CEO of MassHousing. “By providing high-quality new housing to residents across a broad range of incomes, 375 Broadway will meet the housing needs of all Chelsea’s residents, as well as contribute to the further revitalization of a Gateway community.”
In addition to the MassHousing financing, the project is supported by $23.9 million in equity generated from state and federal Low Income Housing Tax Credits and $29 million in construction financing from First Citizens Bank and other sources.
