Chelsea Restoration Corporation has been awarded a $450,000 grant by the Massachusetts Attorney General’s office, one of 18 organizations selected as part of the HomeCorps grant initiative. HomeCorps funding will assist communities and homeowners mitigate the impact of the foreclosure crisis and revitalize distressed neighborhoods. The funding is the result of a nationwide settlement involving the nation’s five largest mortgage servicers and their connection with unlawful foreclosures and loan servicing.
“Our economy will never fully recover until we address the impact of the foreclosure crisis,” Attorney General Martha Coakley said, “and the work of these organizations receiving these funds is a critical component of those efforts.”
Chelsea Restoration Corporation was identified by the AG’s office as an innovative program with a focus on assisting and revitalizing communities heavily impacted by the foreclosure crisis.
Funds will be invested in the acquisition and rehabilitation of abandoned and blighted properties, with the goal that properties will be purchased by local resident owners.
“So many properties in Chelsea, Revere and Saugus are in complete disrepair, and they drag neighborhoods down with them,” said Chelsea Restoration Corporation Executive Director Helen Zucco. “This funding will enable us to completely rehabilitate these homes and revitalize the surrounding areas.”
In addition to restoring these properties, Zucco also says that the program will positively impact local home ownership.
“The goal for each home is an owner occupant who becomes part of the fabric of the community here,” Zucco said. “We are also conducting outreach with local armed services veterans to promote home ownership opportunities for those who have served our country.”
Chelsea Restoration Corporation is a HUD-certified homebuyer counseling agency that provides
first-time homeowner workshops and innovative homebuyer support programs to help low-income
residents achieve their dream of sustainable home ownership.
“We will do much more than simply restore these homes,” Zucco said. “We will increase long-term home ownership and improve the overall quality of life in each neighborhood. This is not just about rebuilding homes, it’s about rebuilding communities.”