The Peabody City Council Finance Committee voted 5-0 to transfer $958,000 from Community Preservation Committee (CPC) funds to support a $30,000,000 low‑income senior housing project that will add 46 rental units to the city’s subsidized housing inventory.

The transfer was presented to the committee by a city staff member as a CPC request “for $958,000 to help support a $30,000,000 project for low income senior housing,” and Councilor Gould moved the funding transfer. Councilor Gould’s motion identified the source account and the CPC affordable housing account; the committee approved the motion on a roll call vote with Councilors Turco, Gould, Gamache, Manning Martin and Chair Councilor McGinn voting yes.

The committee heard that the 46 units will be rentals and will count toward the city’s subsidized housing inventory. When asked, a city staff member said they had attended the CPC meeting where the proposal was presented and confirmed the units will be added to the subsidized housing inventory. Committee members asked whether the city’s Subsidized Housing Inventory (SHI) numbers were available; staff said they did not have the SHI figures on hand.

No additional conditions, amendments, or second motions were recorded during the committee discussion. The motion text and roll call were recorded in the committee minutes and the vote outcome was “motion carries 5 to 0.”

The transfer is an allocation from CPC affordable housing funds to a project the committee described as among the first larger housing transfers in recent years; committee members did not debate the project design, operating subsidy, or project timeline during this session.

The committee moved on to other agenda items after approving the transfer.