MassHousing Provides $10M for Affordable Condos in Chelsea

MassHousing Provides $10M for Affordable Condos in Chelsea

MassHousing has provided $9.9 million in CommonWealth Builder financing for the development of 440 Broadway in Chelsea, MA, which will offer 28 new condominiums for purchase by moderate-income, first-time homebuyers.

Causeway Development LLC will redevelop a formerly city-owned parcel containing a vacant retail building in Bellingham Square into a five-story development with 14 condos for sale to homebuyers earning up to 80% of the Area Median Income (AMI) and 14 units for homebuyers earning up to 100 percent of AMI.

“This is a great opportunity to breathe new life into a blighted parcel and build 28 brand new homes for first-time buyers in Chelsea,” said MassHousing CEO Chrystal Kornegay.

Along with the funding through MassHousing, Eastern Bank is providing $9.3 million in construction financing, the City of Chelsea is providing $1 million in American Rescue Plan Act funding, and the North Suburban HOME Consortium is providing $800,000 in funding.   

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