Public-Private Partnership Uses Innovative Financing Arrangement To Redevelop Public Housing Project in Chelsea

A redevelopment team led by co-developers Joseph J. Corcoran Co. and the John M. Corcoran & Company along with, Marcus Partners and Cambridge Savings Bank in partnership with the Chelsea Housing Authority (CHA), the Massachusetts Office of Housing and Economic Development and Department of Housing & Community Development (DHCD) recently commenced construction on the redevelopment of the Innes Public Housing complex in Chelsea, Massachusetts. The housing redevelopment will be the latest project to use the Commonwealth's innovative new Housing Program under the DHCD called the "Partnership to Expand Housing Opportunities," or PEHO, which establishes public-private partnerships between housing authorities and developers to preserve public housing through the creation of mixed-income communities.