Spencer Green features 48 new affordable apartments on the site of the former Chelsea Armory, with 8 units priced for extremely low-income households. Fresh modern design encourages resident engagement and connection to the community. Green and environmentally sustainable building practices are employed throughout, including solar panels that generate energy for the building.
Spencer Green is supporting Chelsea’s economy: We estimate its construction created 74 jobs and that its residents will spend a minimum of $5.7 million locally over the first 10 years of occupancy.
|Total Development Cost:||$15.2 million|
|Development Type:||New construction|
|Number of Homes:||48 rental apartments|
|Affordability:||8 units < 30% AMI; 40 < 60% AMI|
|Development Consultants:||Peter Munkenbeck and David Koven|
|Contractor:||NEI General Contracting|
|Equity:||Bank of America|
|Federal Low Income Housing Tax Credits:||The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development|
|Subordinate Debt:||The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; North Suburban Consortium HOME Program|
|Additional Funds:||NeighborWorks America; LISC/Home Depot Green|
|Construction Loan:||Bank of America|