Chelsea, MA – MassDevelopment has issued a $25,350,000 tax-exempt bond on behalf of Chelsea Legacy Portfolio LLC, an affiliate of The Neighborhood Developers, Inc., which will use proceeds to buy, renovate, and preserve 116 units of affordable rental housing located in 21 buildings in Chelsea.
The organization will complete a range of renovations to the properties including replacing most roofs and mechanical systems, adding sprinkler systems, making structural repairs, and upgrading kitchens and bathrooms in select units. By purchasing these properties from various owners, The Neighborhood Developers can extend the affordability restrictions on the housing units that were set to expire over the next few years. All units will be rented to households earning up to 60% of the area median income ($72,400 for a family of four).
The buildings are located on Bellingham Street, Blossom Street, Broadway, Chester Avenue, Chestnut Avenue, Grove Street, Library Street, Poplar Street, Sixth Street, Shawmut Street, Shurtleff Street, Suffolk Street, Washington Avenue, and Watts Street. Altogether, the properties consist of two studio units, 22 one-bedroom units, 62 two-bedroom units, 28 three-bedroom units, and two four-bedroom units.
In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $17.7 million in equity for the project. Chase purchased the bond.