Posted on August 19, 2003
MANCHESTER-BY-THE-SEA --- 21 units of affordable rental housing were dedicated in Manchester today. The project was developed by the nonprofit Manchester Affordable Housing Corporation in partnership with the Manchester Housing Authority. Construction was financed by Wainwright Bank with permanent financing being provided by MassDevelopment. The project was made available with financial assistance from the state Department of Housing and Community Development, the North Shore HOME Consortium, and the Federal Home Loan Bank.
MHP provided more than four years of staff time and financial support to help town leaders conceptualize the project and get it off the ground. Early assistance was also provided by Beverly National Bank.
The following article describing the project was published in the Boston Globe North Weekly section on Sunday, August 17, 2003.
MANCHESTER GETS MORE AFFORDABLE UNITS
Business Notebook, by Kathy McCabe
A newly renovated 21-unit apartment building in downtown Manchester-by-the-Sea will celebrate its grant reopening Tuesday from 10:30 a.m. to noon at 12 Summer Street Apartments. The reopening marks completion of the first phase of a $12.5 million housing development planned by the Manchester Affordable Housing Corp.
The affordable housing development is one of the largest ever proposed for Manchester, which is among the region’s priciest communities. The Manchester Housing Authority estimates rents for a two-bedroom apartment in town range from $1,000 to $2,400 per month. Real estate prices range from $229,900 for a one-bedroom condominium to $2.9 million for a waterfront home, according to listings tracked by The Warrant Group in Boston.
Manchester Affordable Housing aims to close the gap. The two-phase development on Summer Street will bring a mix of market rate and affordable housing units to town. In addition to the $2 million renovation of 12 Summer Street Apartments, the project includes a condominium development at 10 Summer Street. Work on the second phase is scheduled to begin in the fall.
A 2-1/2 story block will include seven units. On the ground floor, three commercial units will be sold at market rate. On top, four residential units will be built. Behind the block, 14 town house-style condominiums will be built, including five set aside for first-time homebuyers who meet income guidelines, officials said.
“The whole project is really quite ambitious and needed in town,” said Regina Villa, president of Manchester Affordable Housing, which was set up by the housing authority to development the project. “It’s a great location, across from the train station and a grocery store. It’s very accessible for people.”
On Tuesday, the public can get its first glimpse inside the 12 Summer Street Apartments. The red-brick building was completely renovated with a new roof, kitchens, and bathrooms in each unit. Rents range from $650 to $1,375 per month. A mix of affordable and market-rate units are available. Information about rentals is available from the Manchester Housing Authority at 978-526-1850.