MassHousing has allocated $9.9 million in CommonWealth Builder financing to support the development of 440 Broadway, a new residential project in Chelsea, MA. The development will consist of 28 condominiums that will be available for purchase by moderate-income, first-time homebuyers.
The project is being spearheaded by Causeway Development LLC and will involve the redevelopment of a previously city-owned parcel that currently houses a vacant retail building in Bellingham Square. The five-story development will include 14 condos for sale to homebuyers earning up to 80% of the Area Median Income (AMI) and an additional 14 units for those earning up to 100% AMI.
According to MassHousing CEO Chrystal Kornegay, this initiative presents an excellent opportunity not only to revitalize an underutilized property but also provide much-needed affordable housing options for first-time buyers in Chelsea.
In addition to MassHousing’s contribution, Eastern Bank has committed $9.3 million towards construction financing while the City of Chelsea is providing $1 million through American Rescue Plan Act funding and another $800,000 from North Suburban HOME Consortium funds.
Overall, this collaborative effort aims at creating more affordable homeownership opportunities within Massachusetts’ real estate market while promoting economic growth and community revitalization efforts.
