Salem Affordable Housing Renovated

Salem, MA – MassDevelopment has issued a $12,997,900 tax-exempt bond, purchased by Eastern Bank, on behalf of Congress Street Residences Limited Partnership, an affiliate of North Shore Community Development Coalition (NSCDC), a community development organization in Salem.

Congress Street is using bond proceeds to buy and renovate eight multifamily apartment buildings composed of 66 affordable rental units in Salem’s Point neighborhood, of which two will be converted into programming space for the CDC.

MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $7.4 million in equity for the project.