Salem Point Project To Purchase, Renovate 18 Affordable Housing Units

SALEM, MA — More than $8 million in tax-exempt bonds issued from MassDevelopment will go toward the purchase and renovation of three Salem Point neighborhood buildings and result in 18 units of affordable housing through the North Shore Community Development Coalition.

The bonds were issued on behalf of New Point Family Housing LLC for buildings built between 1915 and 1920 at 96 Congress Street, 52 Peabody Street and 37 Ward Street. The North Shore CDC said the investment will allow for the renovation and availability of 10 two-bedroom apartments and eight three-bedroom apartments.

Eight of the apartments will be rented at 50 percent of median income ($70,100 per year for a four-person household) and 10 units will be rented at 30 percent of AMI ($42,050 for a four-person household).

"The city of Salem is thrilled to continue our partnership with groups like North Shore CDC and MassDevelopment," said Salem Acting Mayor Robert McCarthy. "It will remain a priority for our teams to continue to offer solutions to combat housing insecurity as it is a critical need across the Greater Boston area.

"We will continue to address affordable housing in every way we can, but we are especially excited about the overall great potential of this project and send kudos to all stakeholders again."

Eastern Bank purchased the bond, which helped North Shore CDC achieve a lower cost of capital.

"North Shore CDC's success in expanding access to housing and economic opportunity in Salem's Point neighborhood cannot be overstated," MassDevelopment President and CEO Dan Rivera said. "MassDevelopment is glad to be a continued partner in this effort and provide tax-exempt financing to help the nonprofit modernize three buildings and ensure 18 apartments remain affordable for years to come."

MassDevelopment previously invested about $25 million in Salem Point neighborhood projects over the past 11 years, including $12.9 million to buy and renovate the Congress Street Residences and $9.8 million to buy and renovate the Salem Point Apartments.

"We are extremely grateful to MassDevelopment for its ongoing support of the work we do at North Shore CDC, especially with the renovation of New Point Family Housing and the creation of 18 affordable apartments in the Point," North Shore CDC Director of Portfolio Management Jason Pina said. "These units are in need of substantial rehabilitation and energy efficiency improvements for new families that will call these apartments home."

The Salem-based North Shore CDC has helped develop affordable housing projects in Beverly, Gloucester, Manchester-by-the-Sea and Salem, as well as offer service programs throughout the North Shore.

(Scott Souza is a Patch field editor covering Beverly, Danvers, Marblehead, Peabody, Salem and Swampscott. He can be reached at Scott.Souza@Patch.com. Twitter: @Scott_Souza.)