Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Cpc Housing topic
No spam. Unsubscribe anytime.
Council approves CPC loans: $200,000 for 116-unit Farm Ave. affordable project and $80,000 bridge loan for NASCAP
Summary
Peabody City Council unanimously approved Community Preservation transfers including a $200,000 0% deferred 30-year loan to Emerald Development to support a proposed 116-unit affordable rental project at Farm Avenue and an $80,000 bridge loan to NASCAP to continue TBRA rental assistance while awaiting reimbursements.
The Peabody City Council on Dec. 9 approved Community Preservation Act transfers and loans to support local affordable-housing projects and rental assistance.
Council approved a $200,000 0% interest, deferred 30-year loan to Emerald Development to assist a proposed $63.9 million, 116-unit affordable rental project at a former Farm Avenue site. Mayor (unnamed) said the loan will help Emerald show capital support in its filings to the Massachusetts Department of Housing and Community Development and that the funds are part of the developer’s application process; the loan will be secured by a secondary mortgage on the property. The motion carried by roll call, 11–0.
The council also approved an $80,000 0% deferred-payment loan to North Shore Community Action Programs (NASCAP) to bridge temporary reimbursement delays and allow the nonprofit to continue tenant-based rental assistance (TBRA). Gingras said the NASCAP loan will be repaid within three years and secured by contract. That motion also passed 11–0.
Other CPC actions included set-asides for historic preservation, community housing and open space reserves and a $10,000 administrative transfer. Councilors asked staff to confirm account numbers and reserve balances; motions specified account numbers and fund sources in the approved language.
Ending: The approvals let Emerald and NASCAP proceed with application and short-term financing steps; councilors recorded unanimous votes and asked finance staff to follow up on reporting and account reconciliation.
