The Beverly Citizen reported that the Beverly Affordable Housing Coalition has received all the needed permits and approvals as well as the funding for the $8.5 million project replacing the existing Mayflower Motel on Cabot and Elliot Streets in Beverly. Construction would begin the end of the year and last for about one year.
The units will be affordable based on the financing agreements with Department of Housing and Community Development, City of Beverly, Northshore Home Consortium, Enterprise Foundation and the Danvers State Preservation Fund. Each unit will be between 250-400 sq. ft. restricted to one resident and rent for $375 to $625 a month. A grant of $46,000 from The Enterprise Foundation is awarded because the building will be energy efficient thus a Green Building.
The units will be affordable based on the financing agreements with Department of Housing and Community Development, City of Beverly, Northshore Home Consortium, Enterprise Foundation and the Danvers State Preservation Fund. Each unit will be between 250-400 sq. ft. restricted to one resident and rent for $375 to $625 a month. A grant of $46,000 from The Enterprise Foundation is awarded because the building will be energy efficient thus a Green Building.
This photo, courtesy of the Beverly Citizen, is an artist’s conception of what Cabot Street Homes will look like when it is built at the current site of the Mayflower Motel.