MassHousing Offers $6M in Affordable Real Estate Financing for Chelsea MF Residential Or Commercial Property

MassHousing has actually supplied a total amount of $5.5 million in budget-friendly and also workforce housing financing to non-profit The Community Developers (TND) to transform a previously market-rate rental residential or commercial property at 181 Chestnut Street in Chelsea into a mixed-income real estate area.

TND acquired the three-story block and masonry building at 181 Chestnut Street in 2019. The MassHousing funding will certainly allow TND to rent out 30 of the previously unlimited market-rate devices to income-eligible families across a series of earnings, while 2 of the apartments will certainly be leased at market prices. The home was originally developed as an institution and was converted to housing in 2015.

8 houses will be supported with federal housing vouchers and limited to households earning up to 30 percent of the Area Typical Revenue (AMI), as well as nine houses will certainly be restricted to homes making up to 60 percent of AMI. There will certainly be 13 workforce real estate systems, of which 6 will be limited to households gaining approximately 80 percent of AMI and 7 for homes earning as much as 120 percent of AMI. The AMI for Chelsea is $119,000 for a family members of 4.

MassHousing is supplying TND with a $4.9 million long-term funding and also $650,000 in funding from the Agency’s Labor force Housing Effort.

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David Cohen is Southeast Content Director at Attach Commercial Property. David is a media veteran with more than ten years of experience in journalism, copywriting and also communications across a variety of duties.
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Released at Tue, 16 Mar 2021 19:58:19 +0000

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