Homes are the cornerstone of health and opportunity. 2018 marks The Neighborhood Developers’ (TND) 40th year bringing homes to Chelsea. Under Construction at 242 Spencer, the framework for high-quality, well-managed homes is being erected. TND’s newest affordable rental housing development, consisting of 34 units, all at or below 60 percent of the Area Median Income (AMI), with 11 units restricted to extremely low-income households at or below 30 percent of AMI.
242 Spencer is located in a mixed-use neighborhood that provides excellent access to Chelsea’s four public elementary schools and public transportation, including two MBTA bus routes that connect residents to the MBTA Blue Line and other points in Chelsea, Revere and East Boston. Within a five-minute walk of the development site are local shopping options, public parks, and Beth Israel Deaconness’ Chelsea medical facilities. The City of Chelsea has demonstrated support for the development of affordable apartments at 242 Spencer as a means to create lasting affordability for current Chelsea residents and for those from neighboring communities that are facing the regional pressure of rapidly growing housing costs.
TND will partner with Housing Families to provide services to families in eight units reserved for formerly homeless or at-risk families.
In The Press
A special thanks to our funders:
Equity: RBC Tax Credit Equity Group
Federal and State Low Income Housing Tax Credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Tax-Exempt Bond Financing: MassDevelopment
Construction and Permanent Financing: Boston Private Bank
Subordinate Debt: The Commonwealth of Massachusetts Department of Housing and Community Development; Community Economic Development Assistance Corporation; and North Suburban HOME Program
Predevelopment, Acquisition and Construction Financing: The Life Initiative