MassHousing closed on $10.6 million in affordable housing financing to Arx Urban and Boston Communities for the construction of 62 mixed-income, transit-oriented apartment homes on Chelsea, MA’s main commercial corridor.
375 Broadway involves the development of a new 43-unit six-story building along with the moderate rehabilitation of an existing 19-unit building. The new transit-oriented affordable housing community will be near the city’s MBTA Commuter Rail station and five major bus routes.
“This new housing community in the heart of Chelsea will provide its future residents access to public transportation and economic opportunity,” said MassHousing CEO Chrystal Kornegay. “By providing high-quality new housing to residents across a broad range of incomes, 375 Broadway will meet the housing needs of all Chelsea’s residents, as well as contribute to the further revitalization of a Gateway community.”
Other financing sources include $23.9 million in equity from an allocation of state and federal Low Income Housing Tax Credits and $29 million in construction financing from First Citizens Bank, among other providers.
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