Housing Spotlight: The Neighborhood Developers, Preserving Housing in Chelsea

LISC recently approved acquisition funding, supporting The Neighborhood Developers' (TND) acquiring and preserving twenty-seven (27), 100% affordable homes for seniors and individuals with disabilities in Chelsea. Located at 28-48 Washington Avenue, the building also has 4 commercial spaces for businesses, including a barbershop and seamstress' shop. TND plans to complete modest renovations, maintain the apartments as affordable units, and provide supportive services to the residents. LISC's financing replaces equity TND invested at acquisition and frees up funds TND can use to buy additional properties. LISC's flexible loan was made possible with funding from Massachusetts General Hospital & the Equitable Transit-Oriented Development Fund (ETODAF).

Acquired by The Neighborhood Developers (TND), 28-48 Washington Avenue in Chelsea preserves twenty-seven (27), 100% affordable homes for seniors and individuals with disabilities.

Learn more about LISC's Affordable Housing Programs [+]