MassDevelopment Bond Helps The Neighborhood Developers Preserve Affordable Housing in Chelsea, Revere
February 17, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Paul Bologna, The Neighborhood Developers, 617-889-8406 x120
MassDevelopment has issued a $5,825,000 tax-exempt bond on behalf of TND Homes I LLC, a project to preserve, renovate, or build 52 affordable housing units in Chelsea and Revere. The Neighborhood Developers (TND), the project’s sponsor, is using bond proceeds to acquire and renovate 21 units of affordable multi-family rental housing in Chelsea and 17 units of affordable multi-family rental housing in Revere. The developer has constructed 10 rental units for formerly homeless veterans, 7 units for formerly homeless families and also is now building four affordable multi-family rental units for at-risk young parents in Chelsea. Renovations include replacing mechanical systems and windows, electrical work, and repairing exterior masonry and roofs. Thanks to this financing and the work of The Neighborhood Developers, these homes will remain affordable for a minimum of 50 years.
“Preserving affordable housing in greater Boston remains crucial policy as more working families and individuals rely on these units to stay in their communities,” said MassDevelopment President and CEO Marty Jones. “The Neighborhood Developers has done outstanding work in Chelsea and Revere, two important Gateway Cities, and we’re pleased to work with the organization again as it preserves and builds for families and homeless veterans.”
Founded in 1979 in Chelsea, TND emphasizes building vibrant neighborhoods through an integrated approach to revitalization efforts. The organization partners locally to build affordable apartments and mixed-income homes through its real estate development, improve financial mobility for residents through its CONNECT financial opportunity center, and create and foster community engagement and opportunity through neighborhood organizing efforts addressing issues ranging from litter on the street to community safety. In 2010, TND began working in the Shirley Ave. neighborhood in Revere and now operates all programs in both Gateway Cities. TND owns 346 apartments and has also developed 38 homes for sale to first-time homebuyers. TND was also a lead developer for the Box District homes in Chelsea, a model transit-oriented housing development that received $1.5 million from the Brownfields Redevelopment Fund.
“As housing costs across the region continue to rise, it is essential for working families that we preserve affordable homes in our communities for the long haul,” said Ann Houston, Executive Director at The Neighborhood Developers. “MassDevelopment’s support in financing these efforts means strong communities of long-term residents who engage with their neighbors and invest in the future of their families.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.