SWAMPSCOTT — With affordable and subsidized housing popping into the limelight as a priority for municipalities across the region, one local developer plans to build a privately owned and operated senior affordable housing complex in the heart of town.
After purchasing a residential building at 491 Humphrey St. from the Caleb Foundation, Swampscott Developer Charlie Patsios has plans to convert the lot into an age-restricted affordable complex with 16 one-bedroom units for residents aged 55 or older.
Without relying on state subsidies, Patsios said he aimed to break even on the property to provide those who are on a fixed income an affordable place in town to live.
“If I can have this thing penciled out so that I’m close to breaking even, I’m okay with it,’ Patsios said. “My wife and I discussed this, and we said, ‘Let’s do something for senior citizens who otherwise have enough money that they don’t qualify for public housing.’ They’re cash-strapped in order to make ends meet now, and this is kind of like that in-between step.”
Since Patsios purchased the building earlier this year, he said he has lent the property to the Big Blue Foundation for rent-free use as a place for philanthropic events.
With plans to make at least half of the units affordable at 80% AMI, Patsios said he is waiting on the project’s approval from both the Planning Board and the Zoning Board of Appeals. Patsios has also been in communication with the Affordable Housing Trust to potentially secure local support for the proposed energy-efficient housing development.
With real estate tax relief from the Town of Swampscott and the necessary permissions, Patsios said he could independently transform the lot into a residential structure that would not be stricken by the same regulations and restrictions as a state-subsidized affordable housing complex.
“I will take the building, and I will make it age-restricted for 55-plus housing. Since I’m taking no aid or subsidies from the state of the federal government and I have it as private property, I can make it exclusively for Swampscott residents, not a state waitlist,” Patsios said.
Patsios plans to present plans for the development to the Zoning Board of Appeals and Planning Board in December.
“Recently, Swampscott has been able to develop a new elementary school. Swampscott has been able to purchase a $7 million beautiful chunk of land on the water for the park. But at the same time, we as a community need to care about our residents. And the manner in which we do that is saying, ‘We care about you enough that we want to do something about it,’” Patsios said. “My actions speak for me. I don’t need words. I need action. This is my action.”
