Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MassDevelopment, Eastern Bank Provide $25M to Build Affordable Rental in Chelsea
MassDevelopment has issued a $24.5 million tax-exempt bond for TND 170 Cottage LLC, an affiliate of The Neighborhood Developers, Inc., to acquire a parcel in Chelsea for a new 66-unit affordable rental housing facility. The building will include 11 three-bedroom, 43 two-bedroom, and 12 one-bedroom units, alongside amenities and parking.
Rents will be capped for households earning up to 60% of the area median income. The project, located near the Chelsea Greenway and public transportation, received additional support through federal low-income housing tax credits.
“Tax credits are a powerful tool to make that happen. And every one of the 66 affordable apartments made possible through these tax credits will make a real difference to individuals and families looking to call Chelsea home. The Executive Office of Housing and Livable Communities is proud to be a partner in making this possible,” said Secretary of Housing and Livable Communities Ed Augustus.
- ◦Financing
