Business Briefcase – Milestones

The Community Economic Development Assistance Corporation recently approved $5,910,075 to fund the acquisition and development of three affordable housing projects, one of which is in Salem. North Shore Community Development Coalition has received a $1,000,000 acquisition loan and $100,000 front money loan for its Harbor-Lafayette development. North Shore CDC will acquire, renovate and preserve two existing single-room occupancy properties on Lafayette and Harbor streets to provide 27 supportive housing units to low income individuals. Of these residential units, 16 will be reserved for unaccompanied youth — homeless young adults ages 18 to 24 — and four units will be reserved for clients of the Department of Mental Health. North Shore CDC will provide supportive services through its YouthBuild North Shore program and partners. North Shore CDC is a nonprofit that develops affordable housing for low-income people. Its regional portfolio now totals 399 affordable housing units throughout Salem and Beverly.

SourceThe Salem News