Beverly To Hold Housing Lottery For New Cabot Street Studio Units

BEVERLY, MA — Beverly is holding a housing lottery to fill the 67 new studio units expected to be available by the end of the year at the renovated 245 Cabot Street building.

The YMCA of the North Shore is adding the units as part of a renovation of the building with the help of a $10.5 million tax-exempt bond from MassDevelopment. The YMCA of the North Shore, Inc. will use the bond to renovate 45 units in the three-story building at 245 Cabot Street and add a fourth floor with 22 additional new studio units. The units will fit into four "affordable" categories.

Nine of the units will be rented to those earning no more than 60 percent of area median income — a $56,400 threshold. The bulk of the units — 38 — will go to households making no more than 50 percent of median income ($47,000). Twenty units will go to those making no more than 30 percent of median income ($28,200).

The floors will be fully accessible and many of the units will offer "incredible" views of the city.

The lottery pre-application must be received or postmarked by Aug. 2. They can be dropped off in the mail slot at 271 Rantoul Street or mailed to 325 Cabot Street #100.

The drawing will be held on Sept. 1 at 11 a.m. via Zoom.

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(Scott Souza is a Patch field editor covering Beverly, Danvers, Marblehead, Peabody, Salem and Swampscott. He can be reached at Scott.Souza@Patch.com. Twitter: @Scott_Souza.)