Malden affordable homeownership development groundbreaking

Special to The Advocate

Mayor Gary Christenson recently attended the groundbreaking for the affordable housing development project at 272-274 Cross Street in Ward 7. This project, which was developed by The Neighborhood Developers (TND), is expected to be completed in the fall of 2025 and will provide five affordable homeownership units on the site of an unoccupied, partially demolished three-family home. Three of the units will be affordable to households earning 100% Area Median Income (AMI), and two will be affordable to households earning 80% AMI.

“The groundbreaking at 272-274 Cross Street is another example of the city delivering on its mission to create, preserve, and support income-restricted affordable homeownership opportunities for our low- and moderate-income residents,” said Mayor Christenson. “What was previously an unoccupied and vacant parcel, will now be the site for affordable housing for residents so residents who want to remain in Malden, can stay in Malden.”

The property’s acquisition was financed by the City of Malden American Rescue Plan Act (ARPA) funds for $1,150,000 as part of the City’s vacant property program, where unused or blighted properties are converted to affordable housing. Malden’s Affordable Housing Trust Fund Board also awarded $450,000 for development soft costs. There will be a local preference up to 70% for Malden residents in the marketing and lease-up process.

“The groundbreaking marks a monumental step in the city helping deliver on its mission to provide the American Dream for residents who may not have had that opportunity before,” said Ward 7 Councillor Chris Simonelli. “I am excited to see this project come to fruition and to make homeownership a possibility for our residents.”

“This project is a win for Malden, turning a vacant property into affordable homeownership opportunities, and we are honored and grateful to the City of Malden and Mayor Christenson for trusting us to lead our first project in the city,” said TND Executive Director Rafael Mares. “Drawing on our experience in community-driven development, we are proud to create five affordable homes at 272 Cross Street, offering families stability and convenient access to essential neighborhood amenities.”

More information about this project is available at cityofmalden.org/272cross.