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HistoryOrganizational Milestones1979 Chelsea Neighborhood Housing Services (CNHS) is founded as a member of Neighborhood Reinvestment Corporation to revitalize the Addison-Orange neighborhood through home rehabilitation loans. 1987 CNHS expands its service area to the Shurtleff/ Bellingham neighborhood. 1990 Hundreds of homeowners use our home rehabilitation loans to improve 354 housing units. We expand our loan program to include home purchase and rehabilitation loans. 1991 The City of Chelsea is placed into receivership by the state legislature. 1992 CNHS becomes a property owner as our first purchase and rehabilitation project at Garden Apartments begins. We start a new Rent to Own Program to help families become homeowners. 1995 Our housing portfolio expands to 58 affordable rental units. 1997 Chelsea emerges from bankruptcy and the city’s housing market heats up. 2002 Our portfolio expands to 112 units in 21 buildings. Ten families are investing in their Rent-to-Own properties. 2004 Management transition brings senior-level real estate development expertise in-house. We restructure and refinance our portfolio generating $3 million to make capital improvements. 2005 In cooperation with the City, we gain site control of two large parcels on Gerrish and Janus Avenues to begin the creation of the Box District. Plans are underway to create 120 units of mixed income housing in partnership with Mitchell Properties, the first of 300 to 400 housing units anticipated for the area. Board and staff develop a new strategic plan. 2006 Groundbreaking at Box Works Homes occurs; 26 homeownership units. Financial Empowerment Program launched, a financial literacy training program. 2007 Chelsea Neighborhood Housing Services changes its name to Chelsea Neighborhood Developers (CND). New office building is created on Broadway at the gateway to the Box District. The 48-unit rental project at 113 Spencer Street moves from conceptual phase to pre-development. |