For Chelsea residents who dream of owning a home but feel priced out of the local market, a new opportunity is taking shape in Bellingham Square.

The 440 Broadway condominium development is advertising 16 remaining income-restricted homes, with prices starting at $266,000.

The five-story development includes 28 condominiums designed to give qualifying households a chance to become homeowners in Chelsea.

And unlike affordable rental housing, these homes are being sold, allowing eligible buyers to build equity while remaining subject to the program's ownership and resale restrictions.

According to the project's official sales website, applications for the remaining homes are being accepted on a first-come, first-served basis after the original lottery lists were exhausted.

What Homes Are Available?

As of October 29, the project advertised eight one-bedroom condominiums, five two-bedroom homes, and three three-bedroom homes.

One-bedroom prices range from $266,000 to $299,000.

Two-bedroom homes are listed between $301,500 and $339,000, while three-bedroom units range from $337,000 to $385,000.

Monthly condominium fees are additional and are estimated at approximately $336 to $487, depending on the unit.

The development includes elevator access, energy-efficient construction, in-unit laundry hookups, and kitchen appliances.

Garage parking is available separately for $20,000 per space, with an additional $50 monthly condominium fee. The property has 19 garage spaces, offered subject to availability.

Another important detail: owners at 440 Broadway will not be eligible for Chelsea residential permit parking stickers.

Prospective buyers should consider these expenses and restrictions when deciding whether a particular unit fits their budget.

Who Qualifies?

The condominiums are reserved for eligible households earning no more than 80% or 100% of area median income, depending on the home.

For example, the published 2026 income limits allow a two-person household to earn up to $109,700 for an 80% AMI unit or $137,200 for a 100% AMI unit.

Different limits apply to other household sizes.

The program generally limits household assets to $155,000, excluding retirement accounts. Some units carry additional restrictions, including a post-closing asset limit.

Buyers must also satisfy mortgage requirements and other eligibility rules.

Because the program involves income limits, condominium expenses, and long-term resale restrictions, reviewing the full requirements is an important first step.

How to Apply

Interested buyers can begin with the 440 Broadway registration form.

After registration, applicants receive an income-and-asset eligibility application requesting supporting financial records and mortgage preapproval or prequalification information.

The completed application must then be submitted for review. Applications are processed in the order received, but registration alone does not guarantee approval or a home.

For assistance, contact 617-639-3064, extension 729, or email 440Broadway@MaloneyProperties.com.

Free language assistance and reasonable accommodations are available.

Why This Development Matters

The project received approximately $9.9 million in CommonWealth Builder financing from MassHousing.

According to MassHousing's announcement, the program is intended to expand opportunities for moderate-income, first-time homebuyers and help address gaps in homeownership.

At 440 Broadway, that investment is transforming a formerly underused downtown property into new housing opportunities.

The registration materials currently list November 2026 as the expected completion period, subject to change.

For qualifying Chelsea residents, the remaining condominiums represent a chance to explore homeownership close to the neighborhoods, businesses, and community connections they already know.

Because inventory can change as applications are processed, interested households should confirm availability directly before applying.