Malden Cuts Ribbon On Anticipated Affordable Housing Complex

MALDEN, MA — City leaders gathered to cut the ribbon on a much-anticipated affordable housing project.

Five new condominium units are now ready to be moved into at 272 to 274 Cross Street as the project was completed this week nearly one year after construction broke ground. The project was developed by The Neighborhood Developers in partnership with Malden Mayor Gary Christenson, the City’s Affordable Housing Trust Fund, and the City’s Office of Strategic Planning and Community Development.

The city paid more than $1.1 million in American Rescue Plan Act funds to acquire the property, which was previously a long-vacant and dilapidated three-story home. The location of the building was determined through Malden’s participation in the Neighborhood Hub Program, a technical assistance program led by MassHousing to support neighborhood revitalization.

All five units are classified as affordable and are restricted to first-time homebuyers. Two two-bedroom units and one single-bedroom unit will be for sale at 100 percent of the area median income, while another two-bedroom and one-bedroom unit are available at 80 percent AMI. Malden’s AMI is approximately $102,000.

“These five homes provide the affordability and stability that our residents deserve and are just one part of how the City is responding to the housing crisis,” Christenson said. “Years of effort to transform a previously vacant site culminated in the success of these affordable, state-of-the-art homes.”

The city paid more than $1.1 million in American Rescue Plan Act funds to acquire the property. The Affordable Housing Trust Fund Board was also granted $450,000 from the city to cover development costs.

"As TND’s first project in Malden, we are honored to contribute to the community and to help expand access to stable, affordable homes,” Executive Director of The Neighborhood Developers Rafael Mares said.

The three-month application process for potential residents of the units ended in October with a lottery drawing. According to Christenson, the new homeowners are slated to move in before the end of the month.

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