Chelsea Restoration Corporation

Chelsea, MA   |  www.chelsearestoration.org

Mission

Since our incorporation by local residents in 1977, CRC's mission has been to provide quality housing for the area's low to moderate-income families.

Ruling year info

1981

Principal Officer

Ms. Helen Zucco

Main address

154 Pearl Street

Chelsea, MA 02150 USA

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EIN

04-2614551

NTEE code info

Other Housing Support Services (L80)

Housing Rehabilitation (L25)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Receivership

Through CRC's Receivership initiative, we acquire blighted properties that have fallen into disrepair and are negatively impacting the surrounding community. CRC finances and manages the renovation (and in extreme cases, reconstruction) these properties, bringing them into full compliance with all building codes and converting these homes - which once were community liabilities - into assets to their neighborhoods. CRC then coordinates the process of the home being sold as affordable housing and identifies potential low-to-moderate income purchasers - with a preference for armed services veterans.

Population(s) Served

CRC teaches first-time homebuyers exactly what to expect when becoming homeowners, and provides counseling for multi-unit homebuyers to ensure that they have the knowledge and skills needed to successfully rent or lease properties. Participants in our educational courses receive instruction on the process of buying a new home; buying FHA Real Estate Owned Property; buying a foreclosed property; understanding loan alternatives; understanding FHA mortgages and options; budgeting; understanding the appraisal process; understanding a home inspection process and report; understanding predatory lending practices; and understanding their rights under the Fair Housing Act. All participants receive a comprehensive overview of all prohibited actions by a renter, seller or mortgagor based on race, color, national origin, religion, sex, familial status or disability status. In addition, participants are presented with examples of illegal threats, coercion, and discriminatory advertising.

Population(s) Served

Down Payment Assistance Program: Once a potential homebuyer completes the FTHB workshops, he/she receives a certificate qualifying them to apply for down payment assistance of up to $9,500 for low-income families who wish to purchase a home in one of our partner communities. Foreclosure Prevention Initiative: CRC partners with homeowners who are struggling to meet the costs of keeping their homes by working with banks and community organizations to create options which meet the needs of all involved. Home Improvement Rehabilitation Program: In collaboration with Chelsea Bank, CRC administers funds for first time home buyers to utilize as a rehabilitative loan for their homes. CRC assists the applicant to complete the loan application, select an appropriate contractor for rehabilitative work, and assists the homeowner in overseeing the contractor's work.

Population(s) Served

Bridge financing is the critical link for many multi-family owner-occupants to obtain the funds needed to bring properties up to code, and ensure that these properties - which are located in Chelsea, Revere, and surrounding neighborhoods - will not fall into foreclosure. This program, scheduled to launch in 2013, will enable local property owners to retain ownership and properly maintain their properties, ensure that tenants are not displaced, and strengthen and stabilize the affected neighborhoods.

Population(s) Served

Where we work

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Financials

Chelsea Restoration Corporation
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Operations

The people, governance practices, and partners that make the organization tick.

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Chelsea Restoration Corporation

Board of directors
as of 11/24/2015
SOURCE: Self-reported by organization
Board chair

Ms. Christine DePrizio

Chelsea Public Schools

Term: 2011 - 2014

Leo Robinson

Chelsea City Council

Aida Hernandez

Peoples Bank

Luis Hernandez

Chelsea Resident - Community Volunteer

Elaine Cusick

Chelsea Public Schools

Martha Miranda

Community Volunteer

Helen Zucco

CRC

Marilyn Garcia

CRC