Neighborhood Stabilization Initiative
Quick facts
Cities: Chelsea and Revere
Date completed: 2012
Development type: Redevelopment of foreclosed properties
Number of units: 43 units
Overview
As the rising number of foreclosure petitions threatened to destabilize communities, TND committed to respond by incorporating the redevelopment of foreclosed properties into our neighborhood revitalization plan. Our Neighborhood Stabilization Initiative strategy targets key corridors and nodes that impact the perception of a neighborhood as a desirable place to live; areas of concentrated investment such as North Bellingham Hill in Chelsea and Shirley Avenue in Revere; and foreclosures near our existing portfolio.
From 2008 to 2012, TND purchased a total of 43 units that were in the foreclosure process or vacant, including 24 units in Chelsea and 19 units in Revere (including the historic rehabilitation of Walden House.)
