BOSTON – May 1, 2025 – MassHousing has provided nearly $1.55 million in CommonWealth Builder financing for the development of 272 Cross Street in Malden, which will offer five new condominiums for purchase by moderate-income, first-time homebuyers.
The Neighborhood Developers, Inc. (TND) will substantially rehabilitate and create an addition to an existing vacant residential building at the site, constructing the new condos in a two-story building designed to include energy-efficient appliances, in-unit laundry, and basement storage areas. Two of the units will be restricted to homebuyers earning up to 80 percent of the Area Median Income (AMI) and three of the units will be restricted to homebuyers earning up to 100 percent of AMI.
"MassHousing is excited to partner with TND and the city in this effort to transform a vacant and blighted property into five brand new homes for first-time homebuyers in Malden," said MassHousing CEO Chrystal Kornegay. "The demand for affordably priced new housing is substantial, and the redevelopment of 272 Cross Street will remove blight and create a new anchor of neighborhood stability and long-term wealth creation."
"We are thrilled to partner with MassHousing and the City of Malden on the transformation of 272 Cross Street. This project is a powerful example of how collaboration can turn a long-vacant property into an opportunity for affordable homeownership," said TND Executive Director Rafael Mares. "With five new homes planned for this site, we're not just building housing - we're strengthening the fabric of the neighborhood. We’re grateful to MassHousing for their support through the Neighborhood Hub initiative, which continues to drive thoughtful, community-led redevelopment in our cities and towns."
"The redevelopment of 272-274 Cross Street offers first-time homebuyers a once-in-a-lifetime opportunity at affordable homeownership, while simultaneously helping the City deliver on its promise to create, preserve, and support income-restricted affordable homeownership opportunities," said Mayor Gary Christenson. "I'm grateful to TND and MassHousing for their partnership in transforming a previously unoccupied and vacant parcel, into five new affordable homeownership units for residents."
MassHousing is supporting the project with $1.55 million in CommonWealth Builder funding. East Cambridge Savings Bank is providing $1.6 million in construction financing and the City of Malden is providing $1.6 million in Affordable Housing Trust Fund and American Rescue Plan Act financing. Charlesbank Homes Foundation is providing $50,000 in grant funding.
The redeveloped property will create two one-bedroom units and three two-bedroom units. The homes will be affordable for first-time homebuyers earning between 80 percent and 100 percent of the area median income. The five homes are expected to sell at prices ranging from $240,370 to $352,749.
The site is less than a quarter mile from multiple MBTA bus stops and is approximately a mile away from the Malden Center MBTA transportation hub and Orange Line. It has easy access to community amenities such as Malden City Hall, Lincoln Commons Playground, and Newman Park. The City of Malden identified the 272 Cross Street site as a redevelopment priority as part of a broader planning effort in partnership with MassHousing's Neighborhood Hub program.
The general contractor is RYBO, Inc. The architect is Flow Design Architects, and the management agent will be YIF Management and Development.
About the CommonWealth Builder Program
The CommonWealth Builder Program is a landmark initiative to expand access to homeownership and generate wealth-building opportunities. It is the largest state-level program of its kind in the nation and provides market-based subsidies to support the construction of new, moderately priced, single-family homes and condominiums. The program subsidizes the production of homes restricted to homebuyers with incomes set anywhere between 70 percent to 120 percent of their Area Median Income (AMI).
MassHousing's Homeownership Division supports CommonWealth Builder with a combination of mortgage financing for homebuyers, down payment assistance loans, mortgage insurance with job-loss protection at no added cost, and targeted marketing in Boston and the state’s Gateway Cities.
Since the program was launched in 2019, MassHousing has committed a total of $175.7 million to 33 CommonWealth Builder projects across Massachusetts. These projects will create a total of 804 new homeownership opportunities, including 715 new affordable homes for first-time homebuyers.
About The Neighborhood Developers
TND is a community development corporation (CDC) founded in 1978 in Chelsea. TND promotes economic diversity, opportunity, and quality of life in the communities of Chelsea, Revere, Everett and Malden. Their work strives to create affordable, welcoming communities for generations to come with a mission to create strong neighborhoods enabling community members to secure a stable home, achieve economic mobility, and determine their own future. For more information, please visit www.theneighborhooddevelopers.org.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 to confront the Commonwealth’s housing challenges. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations. As a mission-driven agency, MassHousing uses housing finance to strengthen communities and lay the foundation for economic prosperity. Since its inception, MassHousing has provided more than $29 billion in housing finance. For more information, visit the MassHousing website at www.masshousing.com.
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