North Shore Bank has provided a $1.3 million loan to Harborlight Community Partners, Inc. (HCP) for a new construction project at 2 Hardy Street in Beverly, MA.
The project will provide six new — and greatly needed — affordable housing units in downtown Beverly. This 6,897 square foot property is thoughtfully designed and fits well in the existing neighborhood. Highly walkable and well-served by bus and commuter rail transit, the building will have six project based Section 8 Housing Vouchers and will provide critical long-term affordability within the downtown. Half of the units have been designated to families that earn 30% or less of the Area Median Income, while the other half is designated for families that earn less than 50%.
Matthew D. LaFlamme, Senior Vice President of North Shore Bank’s Commercial Lending Division said:
Harborlight Community Partners is a wonderful organization.” He went on to say, “We understand the importance of affordable housing options in our community and hope that with this project we can make a difference to those who are less fortunate.
HCP supports affordable housing in 10 North Shore communities for families, seniors, individuals with disabilities, and those who have experienced homelessness. By anticipating the housing needs of the region’s increasing underserved population and creating, preserving and operating safe, affordable housing units and supportive services, HCP strives to make homes available to all North Shore residents, regardless of means.
Andrew DeFranza, Executive Director of Harborlight Community Partners, said of North Shore Bank’s commitment to affordable housing:
We are so fortunate to have the partnership of North Shore Bank on the Hardy Street project and in support of our affordable housing mission overall. North Shore Bank has demonstrated a commitment to affordable housing. Without question, their dedication to Harborlight’s work in housing creation has been invaluable.
About Harborlight Community Partners
Harborlight Community Partners (HCP) is a Massachusetts certified nonprofit Community Development Corporation that collaborates with communities to cultivate just, equitable and sustainable housing opportunities vital to the health and strength of the individual and the region. HCP owns, manages, or supports 418 residential units which are home to over 500 working families, fixed income elders and individuals with disabilities. For more information on the work of HCP, visit www.harborlightcp.org.