Acadia
Quick facts
City: Chelsea
Completion date: April 2019
Total development cost: $14.7 million
Development type: New construction
Number of new homes: 34 rental apartments (5 one-bedroom, 22 two-bedroom, 7 three-bedroom)
Affordability: 11 units for < 30% AMI; 23 units < 60% AMI
Overview
Acadia continues The Neighborhood Developers focus on building affordable homes for families in a family-friendly neighborhood. The site, formerly the French Club, had been vacant for several years. Acadia offers 34 much-needed family apartments located only one block from Chelsea’s four elementary schools, and one block from major bus lines on Broadway.
The development includes eight supportive housing apartments designated for formerly homeless families, meeting a critical need in the region. These homes serve families who were living in shelters or other temporary housing, or families who were at imminent risk of losing their housing. TND is partnering with Housing Families, Inc. to provide supportive services to these households to improve their economic security and help them access resources like education, workforce development, health care and public benefits. Three of the Acadia homes are for residents with disabilities under the Community Based Housing Program (CBH). The building includes a community room, common laundry, on-site parking for all 34 homes, central air conditioning, and new landscaping and public way improvements along Spencer Avenue to benefit residents and community members alike.
Development team
Development consultant: Peter Munkenbeck
Architect: Utile, Inc.
Contractor: NEI General Contracting
Equity: RBC Capital Markets
Federal and state low income housing tax credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development
Tax-exempt bond financing: MassDevelopment
Construction and permanent financing: Boston Private Bank
Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; Community Economic Development Assistance Corporation; North Suburban HOME Consortium
Acquisition, predevelopment and construction financing: The Life Initiative
