A redevelopment project in Malden will transform a vacant multifamily property into five new condos reserved for moderate-income, first-time homebuyers.
Once renovations from The Neighborhood Developers, Inc., are complete, the condos will feature amenities like energy-efficient appliances, in-unit laundry and basement storage areas.
Two units will be designated for first-time homebuyers earning up to 80% of the area median income and three for those earning up to 100% percent AMI. The homes are expected to sell at prices ranging from $240,370 to $352,749.
The 272-274 Cross Street location offers proximity to MBTA bus stops, the Malden Center MBTA transportation hub and Orange Line, Malden City Hall, Lincoln Commons Playground and Newman Park.
“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 said in a press release. “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.”
The project received millions in funding from MassHousing, East Cambridge Savings Bank, the Charlesbank Homes Foundation and the City of Malden.