Using $2 million in tax-exempt bonds issued by MassDevelopment, Beverly-based Harborlight Community Partners will buy nine properties in Beverly, Hamilton, and Peabody to provide homes for working families, elders and people with disabilities.
“Keeping the cost of borrowing low is key to keeping the cost of housing down,” said MassDevelopment President and CEO Robert L. Culver. “We are pleased to support Harborlight Community Partners and the important work it does to provide quality homes for the elderly and disabled.”
Beverly National Bank purchased the bonds, according to a statement.
Formed last year when Harborlight House Properties, Harborlight Care Services and FBC Property Management Corporation combined, HCP owns and operates affordable housing facilities serving working families, the elderly, and disabled.
“When we merged and formed HCP last year, our intention was to strengthen our capacity to manage more housing units,” said HCP Executive Director Andrew DeFranza. “This funding has made it possible for us to acquire existing units and build two new ones.”
In addition to buying the nine properties that now house 57 people, HCP will also buy two ranch homes to function as housing for eight, and construct two new single-occupancy units at the Acord Food Pantry site in Hamilton.