 |
Stevens Corner Appartments
Contacts: Paul Kaeller
Corcoran Management Company 617-734-1005
Neighborhood of Affordable Housing and Corcoran Management Company is pleased to announce that Stevens Corner Apartments in North Andover, MA is accepting applications for forty two (42) affordable apartments to be ready for residents to move into by October 2011. Information and applications can be found on the Stevens Corner web site www.stevenscornerapts.com. Along with other state and federal financing, this development has benefitted from over $1.3 million of Community Preservation Act funds granted by the Town of North Andover.
Construction of Stevens Corner is underway in a building once used as a nursing home at the corner of Park Street and Osgood Street. When renovations are complete, Stevens Corner will be transformed into a new contemporary building that includes 5 one bedroom, 32 two bedroom and 5 three bedroom apartment homes. The building will feature eco-friendly construction and will meet Energy Star for Homes standards. Construction materials and apartment finishes will be energy efficient and will provide healthy housing for the building’s residents.
Rental applications for the new community will be accepted through June 30, 2011 and will then be entered into a lottery to be held on July 11, 2011 at 11:00am at Stevens Memorial Library. To be eligible to apply for renting one of these apartments, the combined gross annual income from all sources for all household members must be at or below 60% of median income for the Lawrence Metropolitan Statistical Area (which includes North Andover). Eight of the apartment homes will have project-based Section 8 vouchers and be available for households with incomes at or below 50% of the area's median income. These applications will not be entered in the lottery and must qualify separately. You may pick-up an application at Stevens Memorial Library or check the website.
The developer is Neighborhood of Affordable Housing (NOAH), a non-profit community development corporation based in East Boston for close to 25 years. The property manager, Corcoran Management Company, based in Braintree, MA, specializes in the management of apartment communities and commercial properties in the metro-Boston area as well as Rhode Island, New York, Georgia and Florida. Corcoran-managed properties are characterized by thoughtful planning, welcoming interiors and luxuriant landscaping. Corcoran will be responsible for the marketing, leasing and management of the Stevens Corner Apartments for Stevens Corner Housing Limited Partnership.
History
The Greenery is a 3-story brick building at 75 Park Street. It was built as a nursing home, and subsequently converted to a head trauma facility. It was closed in 2003 and sat unused for about four years.
The Neighborhood of Affordable Housing (NOAH) purchased the Greenery at auction on June~20, 2007. Their plan is to convert the building to 42 rental apartments. 75% of the units will be rented to income-eligible people, and 25% will be rented at market rates.
It is currently estimated that rehabilitating the building to 1, 2 and 3-bedroom apartments will cost around $9,000,000. Roughly $1,000,000 will come from a mortgage that will be supported by operating revenue when the Greenery is rented out. Approximately $7,000,000 will come from various state programs that subsidize affordable housing, including the sale of Low Income Tax Credits. The state funds, however, can only be accessed after North Andover has demonstrated a commitment to the project. NOAH has, therefore, approached the Community Preservation Committee to ask that $1,000,000 of Community Preservation Act funds be appropriated to this project. The CPC approved the request and is recommending that the Town authorized $1,000,000 for The Greenery. This will be the subject of an article at an upcoming
Town Meeting. Passage of this article is absolutely essential to the success of this project.
Milestones
Past:
June 20, 2007 Greenery purchased by NOAH at auction
August 14, 2007 Closing: NOAH becomes legal owner
Future:
October 20 Open House
February, 2008 Application to State for financing
March 2009 Commence Construction
October 2009 Completion of Construction & Initial Rent-Up
March, 2010 Full Rent-Up of Units
| |
