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MassHousing has closed $10.4 million in financing to The Neighborhood Developers, Inc., for an affordable community in Chelsea, MA.

MassHousing Closes on $10M for Affordable, Workforce Development in Chelsea

MassHousing has finalized $10.4 million in affordable and workforce housing financing to the non-profit The Neighborhood Developers, Inc., for the $25.6-million transformation a former light industrial site at 25 Sixth Street in Chelsea, MA into 62 new mixed-income rental and homeownership units.

MassHousing is supporting the project’s rental component by providing TND with a $6.9 million permanent loan, $1.2 million in financing from the Agency’s Workforce Housing Initiative, and $932,500 in additional subordinate financing.

The rental financing also involved approximately $13.6 million in tax credit equity from an allocation of federal and state Low Income Housing Tax Credits by the Massachusetts Department of Housing and Community Development (DHCD), $4.2 million in direct support from DHCD, $1 million from the Affordable Housing Trust Fund, and $1.2 million in local funding from the North Shore HOME Consortium. Silicon Valley Bank will be the construction lender and the Massachusetts Housing Investment Corporation will be the tax credit syndicator.

 The agency has also committed $1.38 million in CommonWealth Builder funds to support the creation of the project’s six new homeownership condominiums. Other funding sources in the homeownership transaction include a $3 million construction loan from Silicon Valley Bank, $300,000 from the Affordable Housing Trust Fund, $637,000 in local funding from the North Shore HOME Consortium, and $50,000 from the Charlesbank Foundation.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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