**Chelsea Mixed-Income Development Secures $10.6M in Financing**
MassHousing has closed on $10.6 million in affordable housing financing to support the development of 375 Broadway, a new mixed-income, transit-oriented apartment community in Chelsea, Massachusetts. The financing was awarded to joint developers Arx Urban and Boston Communities.
The 375 Broadway project will feature the construction of a new six-story building with 43 units, alongside the moderate rehabilitation of an existing 19-unit building—bringing the total number of apartment homes to 62. The community will be situated along Chelsea’s main commercial corridor, near the MBTA Commuter Rail station and five major bus routes, providing convenient access to public transportation.
“This new housing community in the heart of Chelsea will provide its future residents access to public transportation and economic opportunity,” said MassHousing CEO Chrystal Kornegay. “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 being supported by $23.9 million in equity from state and federal Low Income Housing Tax Credits, as well as $29 million in construction financing from First Citizens Bank and additional sources.
The development reflects ongoing efforts to expand affordable housing in transit-accessible areas and support the economic and social vitality of Chelsea’s Gateway District.
