Posted on November 1, 2013
DANVERS, Nov. 1, 2013 --- State and local leaders gathered recently to celebrate the grand opening of the first phase of Conifer Hill Commons.
Located between Rt. 95 and Rt. 1 near the Danvers Shopping Center, phase one features 48 units of rental housing affordable to families below 60 percent of area median income, which in Danvers is no more than $45,360 for a household of two, $51,000 for a household of three and $56,640 for a household of four.
The first phase features 12 one-bedroom, 30 two-bedroom and six three-bedroom apartments. Phase two, due to be completed early in 2014, will feature 42 affordable units. All told, there will be six buildings and 90 units on the property.
The bulk of the financing for both phases was provided through federal Low Income Housing Tax Credits awarded by the state Department of Housing and Community Development (DHCD). The Massachusetts Housing Partnership is providing debt financing for both phases - $2.69 million for phase 1 and $2.53 million for phase 2.
Additional financing was provided by the state’s Housing Stabilization Fund and its Affordable Housing Trust Fund. Local funds were provided by the Danvers State Hospital Fund and federal HOME funds provided through the Town of Danvers. The town also provided the developer with a zoning variance to allow for multi-family housing on the property, thereby avoiding a more lengthy process for a Ch. 40B permit.
Conifer Hill Commons was developed by The Kavanagh Advisory Group. Founded by veteran construction company executive John Kavanagh, the company’s previous experience has been in the development of college buildings, hospitals and industrial parks.
“John Kavanagh is a legend in the world of construction, commercial development and in building strong businesses,” said MHP Director of Lending David Rockwell at grand opening ceremonies on Oct. 10. “He deserves a lot of credit for being willing to go through the tax credit process in order to provide housing which is much needed in Danvers.”
While acknowledging the need for housing and the long waiting list for units at Conifer Hills, Kavanagh chose to praise his consultant, Dan Violi, for helping his company through the tax credit application process and paperwork with few lingering effects. “He was invaluable, almost like a psychiatrist,” said Kavanaugh. “However, we have filed a complaint with the state for carpel tunnel syndrome.”
One by one, state and local leaders celebrated the addition of affordable rental housing, something that is badly needed in the suburbs around Boston. “This is an example of what can happen when a community comes together,” said Arthur Jemison, deputy director at DHCD.
“The inclusion of 90 new families in our town will make Danvers a better place,” said Gordon Trask, a selectman and member of the town’s affordable housing trust.
Also speaking at the event were state Sen. Joan Lovely and state Rep. Dan Speliotis.
For more information about Conifer Hills and MHP’s financing programs, contact Loan Officer David Hanifin at 617-330-9944 x338 or dhanifin@mhp.net.