MassHousing Grants $10M for Affordable Condos in Chelsea

MassHousing Grants $10M for Affordable Condos in Chelsea

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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