Acadia continues The Neighborhood Developers focus on building affordable homes for families in a family-friendly neighborhood. The site, formerly the French Club, had been vacant for several years, and Acadia created 34 apartments of much-needed family housing only one block from Chelsea’s four elementary schools, and one block from major bus lines on Broadway.
The development will include eight units of supportive housing designated for formerly homeless families, meeting a critical need in the region. These homes will serve families who are living in shelters, who have lost their homes and are in other temporary housing, or families in imminent risk of losing their housing. TND is partnering with Housing Families, Inc. to provide supportive services to these households to improve their economic security and help them access resources like education, workforce development, health care and public benefits. Three homes will be built for residents with disabilities under the Community Based Housing Program (CBH). The building will include a community room, common laundry, on-site parking for all 34 homes, central air conditioning, and new landscaping and public way improvements along Spencer Avenue to benefit residents and community members alike.
Completion Date: April 2019
Expected Total Development Cost: $14.7 million
Development Type: New construction
Number of homes: 34 rental apartments (5 one-bedroom, 22 two-bedroom, 7 three-bedroom)
Affordability: 11 units for < 30% AMI; 23 units < 60% AMI
Development Consultant: Peter Munkenbeck
Architect: Utile, Inc.
Contractor: NEI General Contracting
Supportive Service Partner: Housing Families, Inc.
Equity: RBC Capital Markets
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; North Suburban HOME Consortium
Acquisition, Predevelopment and Construction Financing: The Life Initiative