☆ Chelmsford Housing Authority has broken ground on Chelmsford Woods on Littleton Road. On October 3, 2014, CHOICE, Inc. and Stratford Capital closed on their financing for the new rental development known as Chelmsford Woods Residences. This new development is located on Littleton Road in Chelmsford. With the support of the Chelmsford Community Preservation Committee of $2.18 million dollars, this development was already able to match these funds with an additional $12 million dollars for Phase 1. An additional award of $11 million for Phase 2 is expected in the next six to eight months. Chelmsford Woods Residences will be a 116-rental unit development that is 100% affordable. Monthly rents at this development will range from about $795 for a one bedroom, $909 for a two bedroom and $1,100 for a three bedroom. Demolition of the existing structures has started and the site will move forward quickly with a lottery for the units to occur in late May 2015. •The former site of a mixed use development consisting of rental units and a small commercial space that was foreclosed on over 2 years ago. One of the worst housing options as the units were in complete disrepair. This is a two phase project consisting of 58 units in each phase. Chelmsford Woods Phase One is underway. •Started in 2013 and opening in Fall 2015 (Phase One). Phase Two to be completed in 2016. •Chelmsford Woods Residences Phase One •State, Federal and Private Funding •$11,563,000 •Mortgage •$3.4 million •Local Funds •$1.09 million of CPC Funds Total Cost: $15.7 million Chelmsford Woods Phase 2 •State, Federal and Private Funding $11,167,580 •Mortgage $3.4 million •Local Funds $1.09 million of CPC Funds Total Cost: $15.3 million Chelmsford Funds of $2.18 million matched with over $22 million of State and Federal Funds
Posted on: Wed, 15 Oct 2014 00:37:58 +0000
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