Key financing has been secured for the development of Harbor Village, a 30-unit mixed-use development in Gloucester, Mass.
Following the demolition of a former restaurant and bar, the new development will include a four-story building, featuring commercial and management space on the first level and affordable apartments on the upper three levels. Units will be available to individuals and families with incomes at or below 60% of the area median income.
Harbor Village is being development by North Shore Community Development Coalition, based in Salem, Mass., and Action, Inc., a community action agency serving Gloucester and the Greater Cape Ann region.
Boston Capital announced it is providing nearly $6.7 million in low-income housing tax credit equity to the project.
"We're excited to partner with Mickey Northcutt, Peggy Hegarty-Steck, and the North Shore Community Development Coalition and Action, Inc., teams in the development of Harbor Village," said Jack Manning, president and CEO of Boston Capital. "A high demand for affordable housing combined with the apartment community's desirable location on Main Street in Gloucester will make this an attractive option for families and individuals in need."
Located 27 miles north of Boston, Harbor Village will feature 10 one-, 17 two-, and three three-bedroom apartments. Unit amenities will include dishwashers and central air conditioning.
Development amenities will include on-site management, a laundry facility, a community room, and meeting rooms. Located near employment opportunities, supportive services, retail, health care, and public transportation, Harbor Village will also have 30 off-street parking spaces.