LYNN — A new lease agreement ensures that the majority of rental units at the Harbor Loft Apartments will be affordable housing for the next 50 years.
The Economic Development & Industrial Corporation (EDIC/Lynn) signed the agreement with Crowninshield Management Corporation, which manages the two buildings, located at 7 Liberty Square and 678 Washington St. Under the deal, 210 of the 358 units will remain affordable housing until 2071.
“We could have gotten a more lucrative lease deal if we agreed to a gradual reduction in affordable units,” said EDIC/Lynn Executive Director James M. Cowdell. “We felt strongly about the need to keep units affordable, especially in the current climate. We went for a longer term in order to do that.”
“This agreement addresses a critical need for affordable housing in the city, which was a major takeaway from the Housing Production Plan process,” said Mayor Thomas M. McGee. “I am thankful to EDIC and Crowninshield Management Corporation for their commitment to maintaining this number of affordable units for such an extended period of time.”
“As we look for opportunities to create additional affordable units, retaining these units for the long term is a key component of that effort,” said EDIC/Lynn Chairman Charles J. Gaeta.
EDIC/Lynn has owned the Harbor Loft Apartments, with Crowninshield managing the property, since 1982. There is a combination of studios, one-bedroom and two-bedroom units.
“This is good for the city and good for us,” said Bill Luster of Crowninshield, which manages more than 1,100 rental units, primarily on the North Shore and in the MetroWest region.
