MassHousing Provides $6M in Affordable Housing Financing for Chelsea MF Property
MassHousing has provided a total of $5.5 million in affordable and workforce housing financing to non-profit The Neighborhood Developers (TND) to transform a formerly market-rate rental property at 181 Chestnut Street in Chelsea into a mixed-income housing community.
TND acquired the three-story brick and masonry building at 181 Chestnut Street in 2019. The MassHousing financing will allow TND to rent 30 of the previously unrestricted market-rate units to income-eligible households across a range of incomes, while two of the apartments will be rented at market rates. The property was originally built as a school and was converted to housing in 2015.
Eight apartments will be subsidized with federal housing vouchers and restricted to households earning up to 30 percent of the Area Median Income (AMI), and nine apartments will be restricted to households earning up to 60 percent of AMI. There will be 13 workforce housing units, of which six will be restricted to households earning up to 80 percent of AMI and seven for households earning up to 120 percent of AMI. The AMI for Chelsea is $119,000 for a family of four.
MassHousing is providing TND with a $4.9 million permanent loan and $650,000 in financing from the Agency’s Workforce Housing Initiative.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.