The North Suburban Consortium (NSC), of which the Malden Redevelopment Authority is the lead agency, recently approved the allocation of $1.2 million in Federal HOME funds to subsidize some of the construction costs associated with a 14-unit (all studio apartments) housing development at 54 Eastern Avenue. The facility will also contain a food pantry and dining facilities for the Bread of Life.
The HOME monies will fund the housing component only. The developer is Metro North Housing Corp. who has recruited Marc Slotnick, a veteran affordable housing developer with over 30 years of experience. Slotnick’s recent projects in Malden include the Salem Towers project, an affordable elderly housing project at 280 Salem Street and Cedar House, a single room occupancy project for adults with developmental disabilities located on Cedar Street.
All 14 units will have 30-year affordable deed restrictions. Estimated total development cost is $7.4 million, the housing development cost is $4.5 million. The NSC will issue a firm commitment once other sources of funding have been secured by the developer. The project timeline calls for an anticipated construction schedule November 2017-November 2018 and leasing from December 2018-Janaury 2019.