181 Chestnut
Quick facts
City: Chelsea
Completion date: 2021
Total development cost: $10 million
Development type: Acquisition of naturally-occurring affordable housing
Number of units: 32
Affordability: 8 units < 30% AMI, 9 units < 60% AMI, 13 units < 120% AMI, 2 units at market-rate
Overview
The former St. Stanislaus school and convent were redeveloped into 32 one-bedroom housing units, with conversion complete in 2015. Between 2015 and 2019 rents were kept at a reasonable level, and the building served as naturally-occurring affordable housing for residents. In 2019, when the building was put on the market, the price would have required a new owner to raise rents and potentially evict tenants. Instead, The Neighborhood Developers (TND) acquired the property with the goal of preserving tenancies and ensuring that the building remained affordable for Chelsea residents in perpetuity.
Working with the Community Economic Development Assistance Corporation (CEDAC) and LISC Boston, TND was able to acquire the building in December 2019. In the 2020 Rental Rounds, the Baker-Polito Administration awarded funding for the project which allowed TND, in collaboration with the Department of Housing and Community Development, the North Suburban Consortium, MassHousing, and CEDAC, to invest in necessary repairs and upgrades to the property, including the creation of two accessible units for tenants with mobility impairments.
The project is located in the heart of downtown Chelsea, with easy access to local food, shopping, and employment. It is also within a short walk of the Commuter Rail and Silver Line, and less than 0.1 miles from the 112, 114, 116, and 117 bus routes. This transit-oriented location enables residents to travel for education, work, or leisure throughout the Boston region and into the North Shore.
Development team
Local support: Studio Meander
Predevelopment and acquisition financing: Community Economic Development Assistance Corporation, LISC’s Equitable Transit-Oriented Development Accelerator Fund
Permanent financing: North Suburban HOME Consortium, Community Economic Development Assistance Corporation, Massachusetts Department of Housing and Community Development, MassHousing
