Rental portion of project opens; MHP provides $1.1M loan commitment
Posted on November 8, 2007
CHELSEA --- State and local leaders gathered on November 8 to celebrate the grand opening of Chelsea's new neighborhood, the Box District, a rental and homeownership development that promises to turn a former industrial part of the city into 300 new housing units.
The celebration centered on the grand opening of three phases of the project:
- The newly completed Janus Highland Apartments (41 affordable rental units);
- Box Work Homes (26 affordable and market-rate condominiums);
- A retail/office building that is the new home of Chelsea Neighborhood Developers, the non-profit organization that is spearheading the development along with Mitchell Properties.
"What is being accomplished in Chelsea's Box District is a great example for community revitalization," said Dan O'Connell, the state's secretary for of housing and economic development, at the Nov. 8 grand-opening ceremony. "We are pleased to be a partner in this important project and look forward to to continuing to work with all our partners here to revive the Box District and make it another great Chelsea neighborhood in which to live."
MHP is supporting the rental portion of the effort, Janus Highlands Apartments, with a $1.58 million long-term loan commitment from its bank-funded loan pool. Additional financing was provided by the state Department of Housing and Community Development, Citizen's Bank, MassDevelopment and the North Suburban Housing Consortium.
This is the second time in three years that MHP has worked with CND to support affordable housing in Chelsea. In 2005, MHP provided $6.1 million in bond financing from its Massachusetts Tax-Exempt Credit for Housing Program (MATCH). This enabled CND to refinance its portfolio of 86 affordable rental units into one loan, at a lower overall interest rate. MHP also provided an additional $1.25 million low-interest second mortgage from Home Funders, an MHP program designed to help borrowers offer more units to lower-income households.