The city is exploring a new affordable housing pilot program on Heard Street.
City Manager Fidel Maltez said the six-unit residential property at 55 Heard St. presents an opportunity for Chelsea to expand deeply affordable, family-sized housing in the community.
“This initiative represents a collaborative effort among the Law Department, Department of Housing & Community Development, Assessor’s Office, and the City Manager’s Office to create a sustainable model for City-owned affordable housing,” Maltez stated in a letter to the city council.
Maltez said the city council and the community have been clear that the city must do what it can preserve and protect affordable housing in Chelsea.
“This opportunity reflects the City’s commitment to leveraging public resources creatively and responsibly to address the pressing need for affordable family housing,” said Maltez. “This is a particularly unique opportunity as the home is in full receivership and has not yet gone on the market. We anticipate that the lessons learned from this Pilot will inform future housing strategies and help the City establish a replicable model for maintaining long-term affordability in Chelsea.”
The pilot program is designed to prioritize Chelsea residents by providing six three-bedroom units at rents that are affordable at Area Median Incomes that reflect the needs of the Chelsea community and prioritize low and very low-income families, according to Maltez. He added that the city endeavors to see if the program can serve as a model for city-led initiatives aimed at expanding deeply affordable housing options for Chelsea families.
“The city proposes that the purchase of this property is made with funds from our overlay account,” said Maltez.
The use of the overlay account requires a vote from the board of assessors before action can be taken by the city council.
“We will be presenting this purchase option to the Board of Assessors promptly,” Maltez said. “We will also request the city council approve the creation of a revolving fund that will allow this property to be self-sustaining once the initial acquisition is completed.”