Harborlight will renovate the building into studio apartments.
Beverly, MA – MassDevelopment has issued a $3.8 million tax-exempt bond for Harborlight Community Partners, a Beverly nonprofit community development corporation. Harborlight will use bond proceeds to buy and renovate 26 studio apartments on Boston Street in Salem for Boston Street Crossing, a housing development for individuals who have experienced homelessness.
Harborlight will also contract with Lifebridge to provide support services for Boston Street Crossing tenants.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $5.6 million in equity for the project.
