Affordable housing project at 213 Main St. secures critical funding

Special to The Advocate

An affordable housing project in Malden will receive millions in state funding, securing the last public funding required to move toward construction, announced Mayor Gary Christenson. The project at 213 Main St. of Asian Community Development Corporation (ACDC) was awarded funding from the state’s Executive Office of Housing and Livable Communities. This project will develop 20 new rental units on the site of the former Salvation Army building, including 16 units restricted to households earning 60% of the area median income (AMI), and four units affordable to residents at 30% AMI. The terms of the award have not yet been announced.

“The awarding of state funds marks a major milestone in ensuring that the development of 20 affordable rental units for our low-income residents comes to fruition,” said Mayor Christenson. “I’m excited to see this project break ground in the coming months and deliver on the City’s promise to combat the ongoing housing crisis.”

“With vital state funding now secured, this project is one step closer to delivering 20 units of needed affordable rental units in Ward One,” said Councillor Crowe. “I look forward to continue partnering with ACDC throughout the next stages to guarantee a transparent and equitable development process.”

“The Asian Community Development Corporation is grateful to Governor Healey and the Executive Office of Housing and Livable Communities for the state funding award of the 213 Main Street project in Malden,” said ACDC Executive Director Angie Liou. “This funding will enable us to move forward with the creation of 20 much needed affordable apartments at the site of the former Salvation Army in Malden, and we look forward to continuing our partnership with the City of Malden to realize this vision.”

The awarded state funding is comprised of federal and state low-income housing tax credits, and other public subsidies. In 2022, the City of Malden’s Housing ARPA subcommittee provided financing for the acquisition of the site using $949,000 in American Rescue Plan Act (ARPA) funds. This project also was awarded $373,625.11 in funding, including $300,000 in Community Preservation Act funds from the City’s Affordable Housing Trust Fund.

With public financing secured, ACDC hopes to close on the project early next year, with construction expected to begin in mid-2026. For more information regarding the project, you can subscribe to updates by visiting cityofmalden.org/213Main.