Malden’s Affordable Housing Trust Fund Board awarded more than $800,000 to two affordable housing projects on October 18th, marking the first time that the Board awarded funds to housing development projects.
“This moment has been years in the making and marks a new chapter in our efforts to combat the housing crisis,” said Mayor Christenson, who chairs the Trust Fund Board. “Affordable housing doesn’t happen by accident – it requires intention, commitment, and investment from leaders, developers, neighbors, and the whole community. These two projects will take two blighted properties and transform them into affordable homes for Malden residents, improving our neighborhoods and strengthening our community at the same time.”
In addition to funds allocated by the Mayor and Council, the Trust also received $300,000 from the Community Preservation Committee (CPC) to develop affordable housing on their behalf through a pilot program. Under the program, the Trust awards the CPC’s funds to affordable housing projects.
“We are thrilled that Community Preservation Act funds will be creating new affordable housing for Malden's residents,” said CPC Co-Chairs Rachael Running and Eric Henry. “CPC's partnership with the Trust pairs our funding and housing expertise to serve our most vulnerable residents. We look forward to partnering with the Trust to create more affordable housing for our community.”
The 213 Main Street project was awarded $373,625 from the Trust, including $300,000 in funds from the CPC. This project will build 20 affordable units on the site of the former Salvation Army building, including sixteen units affordable to residents at 60% of the area median income (AMI) and four units affordable to residents at 30% AMI. The project is led by Asian Community Development Corporation, which bought the property last year with the City’s American Rescue Plan Act (ARPA) funds. 213 Main Street received Planning Board approval earlier this month, with more than one hundred residents writing in favor. If state funding is approved for the project in 2024, construction would begin in early 2025. More information about this project is available at cityofmalden.org/213main.
The Trust also awarded $450,000 to 272-274 Cross Street, a project to build five homeownership units on the site of an unoccupied, partially demolished three-family home. Three of the units will be affordable to households earning 100% AMI, and two will be affordable to households earning 80% AMI. Construction of the project, which is led by The Neighborhood Developers (TND), will begin in early 2024 and be completed in early summer 2025. The Trust’s funding commitment is contingent on the City’s ARPA Housing subcommittee’s pending commitment of City ARPA funds to the same project. More information about this project is available at cityofmalden.org/272cross.
Both projects are part of the City’s vacant/ foreclosed property program, where unused or blighted properties are converted into affordable housing. The program is a partnership between the City’s Inspectional Services Department and the Office of Strategic Planning and Community Development (OSPCD). Both affordable housing projects will include a preference for Malden residents for 70% of the units, the maximum allowed by federal fair housing law.
More information about the Affordable Housing Trust Fund is available at cityofmalden.org/ahtf.
Pictured: Renderings (from left) 213 Main Street by ACDC; and 272 Cross Street by TND