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Cabot Street HomesTransforming the Entrance to Downtown Beverly: The Coalition has received
Green Building: The coalition is committed to incorporating “green” building features into Cabot Street Homes to reduce environmental impact, create a healthier and more affordable building for its residents, and set an example for future developments in Beverly and on the North Shore. More Deeply Affordable Rental Housing: One-fifth of the units at Cabot Street Homes will be affordable to households earning less than 30% of area median income(AMI); the remainder will be affordable to those earning less than 60% of AMI. The Commonwealth of Massachusetts has committed eight Section 8 vouchers to make more units deeply affordable to very low-income households. Eight of the units in Cabot Street Homes will be dedicated for residents referred from the Massachusetts Department of Mental Heath (DMH). Case management staff from DMH and North Shore Community Action Programs will provide ongoing support for residents who seek assistance. Community Involvement: As with every development we undertake, the Coalition has
Why is the Coalition committed to “green” building? The plan for Cabot Street Homes includes a range of features that are sustainable and support the protection of the environment. “Green” features — solar collectors, high-efficiency heating and cooling systems, upgraded insulation, ultra low-flow toilets, rainwater harvesting cisterns, integration of native species in landscaping, low/no volatile organic compound paints, and many other features — not only will make this building a healthier place in which to live but are also projected to save money in the long run by reducing operating costs. This, in turn, will help the Coalition make the units more affordable for residents.
How do the themes of “green” features and affordable housing fit together? “Green” features contribute to an environmentally sound, healthier and more attractive building. All people deserve high quality housing that is environmentally sound, attractive, and healthy — as well as affordable.
A Green Learning Center will provide a resource for educating the community about environmentally sustainable — and often simple and inexpensive — practices they can implement to make their own homes more sustainable and affordable.
Coalition Receives Funding to Construct Cabot Street Homes
The Massachusetts Department of Housing and Community Development announced that it has awarded over $3,000,000 in financing to the Beverly Affordable Housing Coalition and the YMCA of the North Shore to construct Cabot Street Homes. This 43-unit development will replace the aging Mayflower Motel at the intersection of Cabot and Elliott Streets in Beverly. “Cabot Street Homes will provide housing to low-income individuals in a convenient downtown setting close to public transportation and many employment opportunities,” said Mickey Northcutt, Executive Director of the Beverly Affordable Housing Coalition.
The Beverly Affordable Housing Coalition purchased the property in May 2006 and developed a new plan for the site in partnership with residents of the property, neighbors and community leaders to provide quality affordable housing and to improve the site at the gateway to downtown Beverly, at the . The Coalition has also secured several grants to incorporate green-building technology into the development and is seeking additional funds for energy efficient and environmentally friendly elements in the building. Acquisition financing for the properties was generously provided by four local banks: Beverly National Bank, Beverly Co-Operative Bank, North Shore Bank and TD Banknorth. Additional permanent financing has already been committed by the City of Beverly, the North Shore HOME Consortium, the Enterprise Foundation and the Danvers State Preservation Fund.
“Incorporating green technologies into affordable housing development not only reduces adverse environmental impact, but makes the building more affordable for its residents,” said Northcutt.
The Coalition and the YMCA hope to begin construction by the end of the year, after financing agreements are signed and final construction plans are drafted. Terms of State financing require that Cabot Street Homes remain affordable in perpetuity.
“Cabot Street Homes will be a model for future affordable housing developments and an attractive addition to downtown Beverly. We are so pleased with DHCD’s decision to move forward with funding to build this important project,” said Northcutt.
“Cabot Street Homes will be an attractive addition to Beverly and provide critical affordable housing opportunities for hard working people in our community,” said State Representative Mary Grant of Beverly.
“I would like to commend the Beverly Affordable Housing Coalition and YMCA of the North Shore for their continued advocacy on behalf of this much needed affordable housing project. I am pleased that DHCD has recognized their efforts with this financing,” said State Senator Fred Berry.
“We’re so happy to join the Coalition on the development team for this important project,” said Jack Meany, CEO of the YMCA of the North Shore, who will manage the development. After a thorough public review and planning process, the City of Beverly in January 2007 approved our plans to tear down the Mayflower Motel and build a new, state-of-the-art 43-unit studio apartment building at the gateway to downtown Beverly. In addition to adding 10 units of critically needed affordable housing to the site and creating a model development that includes energy-efficient, green design, we are proud that our plan will dramatically improve the streetscape along Cabot Street at the entryway to the Beverly downtown business district. Cabot Street Homes funding partners: CEDAC, City of Beverly, North Shore Home Consortium, North Shore Bank, TD Banknorth, Beverly Cooperative Bank, Beverly National Bank, and the Enterprise Foundation.
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