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TND Upgrades Affordable Housing Situation In Chelsea, Revere Through MassDevelopment Funds

Feb 17, 2016 | Reprints | Unlock Link

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MassDevelopment has issued a $5.825 million bond to fund an affordable housing project in Chelsea and Revere.

The Neighborhood Developers (TND), the project’s sponsor, is using bond proceeds to acquire and renovate 21 units of affordable multifamily rental housing in Chelsea and 17 units of affordable multifamily rental housing in Revere. The developer has constructed 10 rental units for formerly homeless veterans, seven units for formerly homeless families and also is now building four affordable multifamily rental units for at-risk young parents in Chelsea.

Renovations include replacing mechanical systems and windows, electrical work and repairing exterior masonry and roofs. These homes are expected to remain affordable for a minimum of 50 years.

Executive Briefing