Spencer Green

Quick facts

City: Chelsea

Date completed: 2009

Total development cost: $15.2 million

Development type: New construction

Number of units: 48 rental apartments

Affordability: 48 units < 30% AMI; 40 < 60% AMI

Overview

Spencer Green features 48 new affordable apartments on the site of the former Chelsea Armory, with 8 units priced for extremely low-income households. Fresh modern design encourages resident engagement and connection to the community. Green and environmentally sustainable building practices are employed throughout, including solar panels that generate energy for the building.

Spencer Green is supporting Chelsea’s economy: We estimate its construction created 74 jobs and that its residents will spend a minimum of $5.7 million locally over the first 10 years of occupancy.

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Development team

Development consultants: David Koven, Peter Munkenbeck

Architect: Utile Inc.

Contractor: NEI General Contracting

Equity: Bank of America

Federal low income housing tax credits: The Low Income Housing Tax Credit Program of the Commonwealth of Massachusetts Department of Housing and Community Development

Permanent Financing: MassHousing

Subordinate debt: The Commonwealth of Massachusetts Department of Housing and Community Development; MassHousing; North Suburban Consortium HOME Program

Additional funds: NeighborWorks America; LISC/Home Depot Green

Construction loan: Bank of America