Beverly, MA – MassDevelopment has issued a $4 million tax-exempt bond on behalf of Harborlight House LLC, an affiliate of Harborlight Community Partners, a Beverly affordable housing manager and developer. The organization will use bond proceeds to buy and renovate Harborlight House, an affordable senior supportive living facility at 1 Monument Square in Beverly.
The developers plan to improve the building’s energy efficiency and renovate the units to improve wheelchair accessibility. The project will maintain the building’s 30 units as affordable for another 30 years. Harborlight Community Partners expects the project will support 14 construction jobs. In addition to the tax-exempt bond, MassDevelopment assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, which provided approximately $2 million in equity. East Boston Savings Bank purchased the bond.