Sponsor: Beverly Affordable Housing Coalition, Inc. and YMCA of the North Shore
Loan Approved: October 28, 2009
MHP committed $570,000 in permanent rental financing to help the Beverly Affordable Housing Coalition, Inc. and the YMCA of the North Shore create 43 affordable rental units in Beverly.
TYPE: Preservation and new construction.
WHERE: 319-325 Cabot Street, Beverly.
WHAT: The new construction of a building with 32 rental units and the renovation of an adjacent building with 11 residential units and two commercial spaces.
AFFORDABILITY: All of the units will be affordable at 60 percent AMI.
MHP FINANCING: A permanent first mortgage of $570,000.
RENTAL INFORMATION: YMCA of the North Shore, 978-922-0990.