We are excited to announce our investment alongside The Neighborhood Developers’ (TND) OppCo Housing Accelerator Fund in the acquisition of a 30-unit residential property at the intersection of Park and Pearl Streets in Chelsea, Massachusetts. The property consists of nine one-bedroom, 17 two-bedroom, and four three-bedroom units. This investment, made alongside partners including Eastern Bank Foundation and through TND’s revolving loan fund managed by Opportunity Communities (OppCo), represents a strategic intervention to preserve naturally occurring affordable housing (NOAH) and protect long-term residents from displacement in one of Greater Boston’s most vulnerable communities.
Addressing the Displacement Crisis
Affordable housing is disappearing in Chelsea, Revere, and Everett as rising rents and gentrification displace low-income families and recent immigrants. Soaring housing prices in Greater Boston push investors to these traditionally affordable cities, driving up costs at an alarming rate. Many multifamily properties are being sold at high prices, forcing rent increases of 25% or more—hikes that displace current residents who can no longer afford to stay.
TND’s OppCo Housing Accelerator Fund—managed by Opportunity Communities (OppCo) on TND’s behalf—enables quick acquisition of NOAH properties before they’re lost to the speculative market. OppCo is a nonprofit operating platform whose mission is to strengthen the capacity, efficiency, and performance of independent local community developers. Large CDCs across the country have established in-house loan funds by building balance sheets and certifying as CDFIs; OppCo is building this capacity for its members and using this lending activity to build the track record needed to certify as a CDFI, democratizing access to financial tools typically available only to larger organizations. The Fund’s structure provides critical advantages: the ability to afford high acquisition costs, move quickly from offer to closing, subsidize below-market rents during the holding period, and generate significant leverage. Once approximately 150 units are acquired, TND will refinance through 4% Low-Income Housing Tax Credit financing, enabling deep renovations, decarbonization, and permanent preservation as deed-restricted affordable housing.
“We’re grateful to BII for investing in the Park and Pearl property in Chelsea through the OppCo Housing Accelerator Fund,” says Steve Laferriere, Director of Real Estate at TND. “This investment enabled The Neighborhood Developers to acquire the property and deliver meaningful benefits for residents, including stabilized below-market rents and critical health and safety improvements. The OppCo Housing Accelerator Fund is instrumental in helping us make immediate upgrades while we work toward achieving permanent affordability.”
Community-Centered Impact
The OppCo Housing Accelerator Fund addresses four critical dimensions:
Accelerate affordable housing production by preserving existing properties and expanding the affordable housing stock.
Prevent displacement to maintain community diversity and preserve the local culture that defines Chelsea as a vibrant, immigrant-welcoming community.
Upgrade homes through planned renovations that will improve conditions, health outcomes, and overall neighborhood quality.
Invest in climate resilience via deep energy retrofits that achieve high energy efficiency and sustainability while reducing residents’ utility costs.
TND’s Community-Driven Approach
TND brings more than 40 years of experience tackling affordable housing challenges, with deep knowledge of and relationships with the neighborhoods it serves. As an OppCo member, TND has expanded its affordable housing portfolio by 80%, now totaling 712 affordable homes, with plans to grow another 63% in the next five years to over 1,150 homes. The OppCo model allows member organizations—including TND, North Shore Community Development Coalition, and Nuestra Comunidad—to retain local focus and control of resources and assets while benefiting from the efficiency and effectiveness of a larger-scale entity. This partnership enables smaller CDCs to access sophisticated financial tools and operational infrastructure that would otherwise be available only to much larger organizations.
Central to TND’s approach is elevating community voice in all decision-making. The organization’s bylaws require that a majority of the board be from the communities TND serves. Board subcommittees are open to non-board members, creating pathways for resident participation in organizational leadership. TND’s Community Building team organizes resident groups including the Housing Equity Committee, and tenants in TND buildings are active participants, ensuring that those most directly impacted by housing decisions have meaningful voice in shaping solutions.
Beyond housing, TND operates CONNECT Services, a Financial Opportunity Center providing residents with housing assistance, financial coaching, job search and training, free tax preparation, and food assistance—ensuring that residents can not only afford their homes but thrive in them.
Alignment with BII’s Mission
This investment in Park & Pearl directly aligns with BII’s mission of building community wealth while serving marginalized communities. In a housing market where low-income residents and communities of color face disproportionate displacement pressure, this partnership demonstrates how strategic capital can create lasting community stability while empowering local organizations to shape housing outcomes on their own terms.
By maintaining affordable rents and stable tenancies, TND protects the economic security of working families while preserving the cultural fabric of immigrant communities. The planned renovations will improve living conditions and health outcomes. And by demonstrating a replicable model for NOAH preservation, this work creates a roadmap that other community developers can follow to accelerate affordable housing production regionally.
We’re proud to support The Neighborhood Developers as they expand this essential antidisplacement work, ensuring that Chelsea’s long-term residents can remain in their community and that affordable housing is preserved for generations to come.
For more information on The Neighborhood Developers, visit theneighborhooddevelopers.org.