Developments > Chelsea Neighborhood Developers
In late 2007 Chelsea Neighborhood Developers (CND), this project’s sponsor, moved into its new home, made possible with MHIC’s $3.4 million in New Markets Tax Credit financing. At a ceremony to mark its move, the nonprofit also celebrated the “opening” of Chelsea’s new neighborhood – the so-called “Box District” — and completion of two housing developments in the neighborhood. The project involved the acquisition and remodeling of a partially vacant Gerrish Avenue property that is serving as CND’s new headquarters and a “gateway” to the district. These new developments are helping to transform the City of Chelsea, a historic, industrial city next to Boston. Revitalization of this area, and the concept for the Box District, was conceived by the city and CND as a transit-oriented, mixed-income neighborhood offering rental and homeownership housing, parks and green space, and an active community life. It is being made possible through a combination of public, nonprofit and private investment.
Chelsea Neighborhood Developers
Project at a Glance:
Location:
Chelsea, Revere
Development Type:
Ownership,Rental
MHIC Financing:
$14,400,163 under our NSLF program
Sponsor:
The Neighborhood Developers, Inc
Number of Units:
42
In late 2007 Chelsea Neighborhood Developers (CND), this project’s sponsor, moved into its new home, made possible with MHIC’s $3.4 million in New Markets Tax Credit financing. At a ceremony to mark its move, the nonprofit also celebrated the “opening” of Chelsea’s new neighborhood – the so-called “Box District” — and completion of two housing developments in the neighborhood. The project involved the acquisition and remodeling of a partially vacant Gerrish Avenue property that is serving as CND’s new headquarters and a “gateway” to the district. These new developments are helping to transform the City of Chelsea, a historic, industrial city next to Boston. Revitalization of this area, and the concept for the Box District, was conceived by the city and CND as a transit-oriented, mixed-income neighborhood offering rental and homeownership housing, parks and green space, and an active community life. It is being made possible through a combination of public, nonprofit and private investment.