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Harborlight Community Partners has received a MassDevelopment bond to fund a renovation of its affordable senior supportive living facility.
MassDevelopment issued a $4 million tax-exempt bond on behalf of Harborlight House LLC, an affiliate of Harborlight Community Partners, an affordable housing manager and developer.
The developers plan to improve the building’s energy efficiency and renovate the units to improve wheelchair accessibility. The facility is located at 1 Monument Square in Beverly.
MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits, providing approximately $2 million in equity. East Boston Savings Bank purchased the bond. The project is expected to support 14 construction jobs.
“Seniors throughout our North Shore communities deserve to be able to remain in this region where they have lived, worked and raised their families, but there is a shortage of affordable options to support them,” Andrew DeFranza, executive director for Harborlight Community Partners, said in a statement. “This critical collaboration with MassDevelopment and others ensures that Harborlight House will remain viable and affordable for decades to come.”
