US$ 10.4M in construction financing has been secured for Neighborhood Developers’ 25 Sixth Street housing project. The Neighborhood Developers (TND) received the funding from MassHousing. The latter is an independent, quasi-public agency created to support affordable housing opportunities.
The project will be developed at 25 Sixth Street in Chelsea, particularly on the MBTA’s Silver Line near Bellingham Square. Just before the pandemic, TND bought the 25 Sixth Street parcel. At the time, there was an empty warehouse there. A pandemic-related food pantry outgrew La Colaborativa’s headquarters. As a result, TND offered the warehouse for the pantry to use. Consequently, a significant community need was met through the distribution of thousands of meals at the location.
Scope of the project
As part of the Neighborhood Developers 25 Sixth Street housing project, TND will build a total of 56 new deed-restricted rental units. This will include 27 one-bedroom, 18 two-bedroom, and 11 three-bedroom rental units. Additionally, the company will construct 6 new homeownership condominiums. All these will be housed in a single midrise structure. The structure will have a courtyard on its second-story roof deck.
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The units will be made accessible to first-time homebuyers with moderate incomes under MassHousing’s CommonWealth Builder Program. The Commonwealth Builder program will be scaled up with the help of $115 million in federal funds from the American Rescue Plan Act (ARPA). Neighborhood Developers 25 Sixth Street housing will therefore be the first homeownership initiative in Massachusetts to receive ARPA support.
Ownership of the Neighborhood Developers 25 Sixth Street housing units
Three of the homeownership condos will have deed restrictions and be priced to be affordable for households making up to 80% of AMI. The remaining three homeownership units will be priced to be accessible for households making up to 100% of AMI. Moreover, first-time homebuyers will only be eligible for one of the six homeownership chances. The cost of a condominium unit will range from $240,800 to $393,200.
For households earning up to 30% of the area median income (AMI), eight of the new rental apartments will be subsidized with federal housing vouchers. On the other hand, for households earning up to 60% of the AMI, 36 apartments will be restricted. Lastly, for households earning up to 90% of the AMI, there will be 12 workforce housing units.
Thank you for pointing this pout. Weve rectified it
This project is in Chelsea, MA, not Boston