With the help of state financing, a nonprofit community development organization is creating 27 rental units in Salem for young people attempting to move out of homelessness.
MassDevelopment issued a $3.45 million bond to support North Shore Community Development Coalition’s purchase and renovation of two buildings at the corner of Harbor and Lafayette streets in the Salem Point neighborhood.
The 27 single-occupancy apartments developed through the project, known as Harbor-Lafayette Homes, will provide transitional housing along with space for various coalition programs.
The project involves replacing or renovating exterior stucco, the roof, windows, and brick veneer; upgrading bathrooms and kitchens; and installing new mechanical systems and insulation. Beverly Bank purchased the tax-exempt bond.
Construction began this spring and is expected to be completed in early 2019.
“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,” Mickey Northcutt, the coalition’s chief executive officer, said in a statement.
The financing follows two other tax-exempt bonds MassDevelopment issued on behalf of coalition projects in the Point in recent years: a $9.8 million bond for the Salem Point Apartments, completed in 2015, and a $13 million bond for the Congress Street Residences, completed in 2017.John Laidler can be reached at firstname.lastname@example.org.