Malden starts construction on affordable housing
The ground has been broken on an affordable housing development in Ward 7 in Malden on Cross Street.
The Neighborhood Developers (TND) is constructing the project, which will create five affordable units on what was once a three-family home that has been partially demolished. Of these new units, three will be affordable for those earning 100% of the median income in the area and the others will be for those earning 80% of the median income in the area. The first three units will have two bedrooms, and the other units will have one bedroom. Preference for these homes will be given to residents of up to 70 percent in the marketing and lease-up process.
Such developments often utilize brochure printing to provide more details about their features and amenities.
Funds from the city of Malden American Rescue Plan Act contributed $1.15m of the acquisition of the property as part of the vacant property program of the city. An amount of $450,000 was awarded by the Affordable Housing Trust Fund Board of Malden for soft costs related to development.
Executive Director of The Neighborhood Developers, Rafael Mares, expressed his gratitude to Mayor Gary Christenson and the city of Malden for trusting his company to start a project in the city.
This housing project is expected to be completed this fall.
The Neighborhood Developers (TND) is constructing the project, which will create five affordable units on what was once a three-family home that has been partially demolished. Of these new units, three will be affordable for those earning 100% of the median income in the area and the others will be for those earning 80% of the median income in the area. The first three units will have two bedrooms, and the other units will have one bedroom. Preference for these homes will be given to residents of up to 70 percent in the marketing and lease-up process.
Such developments often utilize brochure printing to provide more details about their features and amenities.
Funds from the city of Malden American Rescue Plan Act contributed $1.15m of the acquisition of the property as part of the vacant property program of the city. An amount of $450,000 was awarded by the Affordable Housing Trust Fund Board of Malden for soft costs related to development.
Executive Director of The Neighborhood Developers, Rafael Mares, expressed his gratitude to Mayor Gary Christenson and the city of Malden for trusting his company to start a project in the city.
This housing project is expected to be completed this fall.