New Housing Units Coming To Beverly's Cabot Street

BEVERLY, MA — Downtown Beverly will welcome 67 new studio apartments on Cabot Street 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).

Ten of the units will be reserved for previously homeless individuals who will be able to work with a caseworker to access necessary services.

"Downtown neighborhoods are at their most vibrant when they are accessible and inclusive, and that requires housing that's affordable at all income levels," said MassDevelopment President and CEO Dan Rivera. "MassDevelopment is proud to provide tax-exempt financing to help the YMCA of the North Shore improve and expand this affordable housing development in downtown Beverly."

The building was last renovated in 1999.

"This project to upgrade the 45 existing housing units at the downtown Cabot Street YMCA and add 22 new studio apartments in the heart of our downtown will help meet the critical need for affordable housing for individuals in Beverly," Beverly Mayor Mike Cahill said. "Our downtown Y has provided so much for the people of Beverly for over 100 years, and this ensures they can continue to do so for many years to come."

YMCA of the North Shore is the 30th-largest YMCA nationwide.

"Our long-standing relationship with MassDevelopment gives us the opportunity to support more individuals and families in our community and provide safe, affordable housing," YMCA of the North Shore President and CEO Chris Lovasco said. "Now, more than ever, it is critical for us to find ways to expand our role as a vital resource for the communities we serve throughout Massachusetts.

"Our new Cabot Housing space will provide much-needed increased and improved affordable housing for our Beverly residents."

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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.)