MassDevelopment has issued a $9.8 million bond on behalf of Salem Point II Limited Partnership to acquire, renovate and preserve the Salem Point Apartments in Salem. 

Renovation plans for the 77-unit building include installing energy-efficient roofing, windows, flooring, water fixtures and fire-alarm system; repairing balconies, emergency exits and masonry; re-pointing exterior brick walls; replacing the boiler; and improving the HVAC system and common area. The partnership will reserve the renovated apartments for households at or below 60 percent of the area median income.

In addition to the bond financing, MassDevelopment assisted the Department of Housing and Community Development with approval of federal low-income housing tax credits, which provided approximately $5.1 million in equity for the project. Eastern Bank purchased the bonds.

“Preserving affordable housing units is a crucial economic development element in the growth of the Gateway Cities,” MassDevelopment President and CEO Marty Jones said in a statement. “We are pleased to work with North Shore CDC and Eastern Bank to help maintain the quality and affordability of the Salem Point Apartments.”

North Shore Community Development Coalition acquired Salem Point Apartments in 1991. The apartment’s original developer built the brick buildings about 100 years ago to house employees of a nearby textile facility. Today, the complex consists of 48 two-bedroom and 29 three-bedroom affordable units.

 “The Salem Point apartments renovation is a tremendous opportunity for the Point neighborhood’s housing stock that ensures long-term quality and affordability for our residents,” CEO of North Shore Community Development Coalition Mickey Northcutt said in a statement.