Peabody awards housing organization $500G loan

PEABODY – The city recently awarded the internationally known nonprofit housing organization Habitat for Humanity a forgivable loan in the amount of $500,000 to jumpstart the revitalization of a downtown neighborhood.The organization first approached the city in November with an interest to rehabilitate three properties: 5, 12, and 14 Park Street. The sites have been vacant for the past two years, after facing foreclosure, and have become a haven for crime.The organization plans to create two units in both properties #5 and #12 and an additional four townhouse-style units at the site of property #14. Habitat asserts that all eight units would be considered affordable home ownership houses for families earning 40 percent of the mean income.Additionally, one of the townhouse units will be designed for handicap accessibility. Both 5 and 12 Park St. will be restored historically and rehabbed to Energy Star standards. The building at 14 Park St. will be demolished completely, as it is too far gone.”We estimate the cost of this project to be $1.5 million, including acquisition,” wrote Donald Preston, president of Habitat for Humanity North Shore in a letter to the council. Preston said the $500,000 from Peabody’s Inclusionary Zoning Buyout Fund would be put toward the purchase of the land and the remaining $1 million would be raised through other sources to fund construction.”To get eight affordable housing units is a good use of the money,” said Councilor Ted Bettencourt, Jr., who admitted to having initial hesitations.Community Development Director Jean Delios expressed her support of the project at an earlier meeting. She said that the added benefits of having a group such as Habitat come in include stabilization of the neighborhood, adding inventory to the city’s affordable housing status and, most importantly, putting people into home ownership who might not otherwise have the chance.”I think this is a great idea for the area, a great idea for the downtown,” said Councilor Arthur Athas. “I can’t wait to see the first unit rehabbed.”