Boston Capital is investing in the renovation of a 27-unit development that will provide supportive housing for formerly homeless youth aging out of the foster-care system and other low-income individuals in Salem, Mass.
The project features the substantial rehabilitation of Harbor and Lafayette Homes, two low-rise residential properties located within 150 yards of one another into supportive affordable housing.
North Shore Community Development Coalition of Salem is the general partner. Boston Capital is investing $2.3 million in low-income housing tax credit (LIHTC) equity to help finance the improvements. Units will be available to individuals with incomes at or below 60% of the area median income.
"We are thrilled to partner with Mickey Northcutt and the North Shore Community Development Coalition in preserving and expanding safe, affordable housing units for homeless and at-risk youth in the Salem community," says Jack Manning, president and CEO of Boston Capital. "Harbor and Lafayette Homes are a great example of the LIHTC program's positive impact on communities, helping at-risk and formerly homeless youth get back on their feet through the creation and rehabilitation of permanent and affordable homes."
The community will feature 22 studio and five one-bedroom units. Renovations will include new heating and hot water systems, new doors and windows, new kitchenettes and bathrooms, and energy-efficient lighting. The development will also include a new common laundry room as well as a community room with classroom and supportive-service space.
YouthBuild Salem will provide residents with supportive services.
Commercial space on the street level of Lafayette Street is occupied by the property manager, Peabody Properties.
Boston Capital's investment in this development adds 27 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 5,000 affordable apartments in Massachusetts.
