North Shore Community Development Coalition Creating Rental Units With Help From MassDevelopment Bond

June 14, 2018

FOR IMMEDIATE RELEASE

Contacts:
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
kschiller@massdevelopment.com

Mickey Northcutt, NSCDC, 978-745-8071 x4001
mickey@northshorecdc.org

MassDevelopment has issued a $3,448,000 tax-exempt bond on behalf of Harbor Lafayette Homes Limited Partnership in Salem, which will use bond proceeds to buy and renovate two residential facilities in Salem’s Point neighborhood at 15-17 Harbor Street and 104-106 Lafayette Street. The North Shore Community Development Coalition (NSCDC) is the project sponsor. Renovations to these buildings will create 27 single-room occupancy rental units. The renovations will also reduce commercial space in the building and create space for facilities that will serve as transitional housing for young, homeless individuals, along with various CDC programs. Renovations will also include replacing exterior stucco, the roof, windows, and brick veneer; upgrading bathrooms and kitchens; and installing new mechanical systems and new insulation. Beverly Bank purchased the bond.

“MassDevelopment is delighted to be partnering with the North Shore Community Development Coalition once again to provide housing that creates thriving communities, especially in low-income and distressed neighborhoods,” said MassDevelopment President and CEO Lauren Liss. “We are proud of the work that we have done with NSCDC to support this organization and affordable housing projects on the North Shore.”

Based in Salem, NSCDC is a regional community development corporation whose mission is to invest in neighborhoods to create thriving communities. NSCDC has made affordable housing investments in Salem, Beverly, Gloucester and Merrimac, with other programs serving people throughout the North Shore region. MassDevelopment recently issued two tax-exempt bonds on behalf of NSCDC affiliates, both also located in Salem's Point neighborhood. These projects include a $9.8 million bond for the Salem Point Apartments, completed in 2015, and a $12,997,900 bond for the Congress Street Residences, completed in 2017.

"We are thrilled that Harbor-Lafayette Homes is under construction and will soon provide critically-needed affordable housing for a very vulnerable population: homeless youth. MassDevelopment has worked alongside us every step of the way over many years to bring investment and opportunity to the Point neighborhood," said Mickey Northcutt, NSCDC's CEO.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.