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MassHousing Provides $10M for Affordable Condos in Chelsea

MassHousing has provided $9.9 million in CommonWealth Builder financing for the development of 440 Broadway in Chelsea, MA, which will offer 28 new condominiums for purchase by moderate-income, first-time homebuyers.

Causeway Development LLC will redevelop a formerly city-owned parcel containing a vacant retail building in Bellingham Square into a five-story development with 14 condos for sale to homebuyers earning up to 80% of the Area Median Income (AMI) and 14 units for homebuyers earning up to 100 percent of AMI.

“This is a great opportunity to breathe new life into a blighted parcel and build 28 brand new homes for first-time buyers in Chelsea,” said MassHousing CEO Chrystal Kornegay.

Along with the funding through MassHousing, Eastern Bank is providing $9.3 million in construction financing, the City of Chelsea is providing $1 million in American Rescue Plan Act funding, and the North Suburban HOME Consortium is providing $800,000 in funding.   

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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