Salem Community Organization Renovates Affordable Housing With MassDevelopment Tax-Exempt Bond
July 20, 2016
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Andrew Ravens, Eastern Bank, 781-598-8528
David Valecillos, Senior Project Manager, 978-219-5378
MassDevelopment has issued a $12,997,900 tax-exempt bond, purchased by Eastern Bank, on behalf of Congress Street Residences Limited Partnership, an affiliate of North Shore Community Development Coalition (NSCDC), a community development organization in Salem. Congress Street is using bond proceeds to buy and renovate eight multifamily apartment buildings composed of 66 affordable rental units in Salem’s Point neighborhood, of which two will be converted into programming space for the CDC. MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $7.4 million in equity for the project.
“Communities across the state are facing a housing shortage that directly influences the economic strength of the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to help provide solutions to those shortages, especially in Gateway Cities like Salem, by supporting the work of organizations like the North Shore Community Development Coalition.”
“Eastern Bank is excited to assist in revitalizing Salem’s Point neighborhood,” said Jan Miller, Vice Chairman and Commercial Banking Officer for Eastern Bank. “We are concerned about the lack of local affordable housing and are proud to support organizations that improve growth and vitality in our communities.”
“North Shore CDC is proud of working with MassDevelopment and all other lenders to bring 64 affordable housing units to the north shore,” said David Valecillos, Senior Project Manager at NSCDC. “This scattered-site, multifamily housing project will provide safe and affordable units to families as well as promote economic development in the area.”
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest and oldest mutual bank in the United States, with $9.9 billion in assets and nearly 100 branches serving communities in eastern Massachusetts and southern and coastal New Hampshire. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers’ needs so it can deliver these services in a committed and personal way. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is a recognized leader in corporate social responsibility and for its advocacy on behalf of a number of social justice causes. For more information, visit www.easternbank.com.
About North Shore Community Development Coalition
Congress Street Residence Limited Partnership is an affiliate of NSCDC, an organization created out of the 2010 merger of the Beverly Housing Coalition and the Salem Harbor Community Development Corporation. With 40 years of experience as the only community development organization on the North Shore, NSCDC focuses on revitalizing low-income and distressed neighborhoods and providing need-based programming in Salem, Beverly and Peabody.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.