Housing group looks to rehab Peabody properties

PEABODY – After much deliberation, and pending additional finances, the internationally recognized non-profit housing organization Habitat for Humanity just might find not one, but eight homes in the city of Peabody.City Councilors met with the president and several other volunteers of the North Shore branch to discuss their request to turn the dilapidated and abandoned buildings of 5, 12, and 14 Park St. into 8 completely redesigned affordable housing units.In their proposal, they described creating two units in both properties #5 and #12 and an additional four townhouse-style units at the site of property #14. One of the townhouse units will be designed for handicap accessibility. Both 5 and 12 Park St. structures will be restored historically and rehabbed to energy star standards. Building #14 will be demolished for it is far beyond repair.In order to do so, the organization asked the city to grant them $500,000 from the Inclusionary Zoning Buyout Fund to cover acquisition of the properties, as well as demolition costs.Councilors expressed their concerns at the last meeting over giving such a large chunk of the available $1.2 million away for one cause, but have since warmed up to the idea. They unanimously approved the proposal Thursday night, so long as the organization provides adequate budgetary information and the city solicitor gives the legal go-ahead.Once all the paper work is in order, the project’s construction supervisor Mark Bergeron said it should take about 12-16 months to complete following the schedule of a 3-4 day work week.”This is clearly a big project,” said President Donald Preston. “We are very excited about the prospect of you working with us.”Some may be skeptical of the ability of low-income families to purchase the homes, even at the low cost of roughly $120,000 but both Preston and one of his volunteers assured the Councilors otherwise.”We are uniquely able to be sure we won’t have a shortage of families,” said the volunteer. “We are quite confident we can find good families with a stable income and good credit to fill these homes.”Families would be chosen through a very selective process, requiring applicants to be first time homebuyers earning no more than 50 percent of the Area Median Income. A preference would be given to current Peabody residents. They must also be able and willing to dedicate 400 hours of “sweat equity” into the actual construction of their home.Habitat would serve as the mortgage lender for the homeowners, offering a 0 percent interest rate. A user restriction will also be placed on the homes to ensure its affordable housing use for the next 30 years.Now that the Council has committed to the $500,000, the organization has 120 days to arrange other sources of funding. If they can’t do so, the deal falls through and the city maintains ownership of the property, as well as keeps their $500,000.”There is a lot more than just 8 units going on,” said Preston. “It’s neighborhood stabilization.”