Cabot Housing
Beverly, MA
United States
The YMCA of the North Shore (YMCA-NS) is using MHIC’s $8.8 million in LIHTC financing to provide 67 affordable homes in Beverly, MA, transforming 45 existing SRO units into efficiency apartments and constructing an additional 22 apartments. The Institution for Savings is the LIHTC investor.
The YMCA-NS will renovate an existing three-story building on Cabot Street, a main thoroughfare in downtown Beverly, convenient to retail, restaurant, and transportation. The residential apartments on the upper floors and the program, office, and recreation spaces on the ground floor will be completely upgraded. A fourth floor will be added to the building and a gymnasium will be converted to add 22 new apartments. The project will reserve 58 units for very-low and extremely-low income households, allowing the YMCA to continue serving its low-income community.