Eighty apartments are currently under construction as part of Harbor Place, Merrimack Street. (WHAV photograph.)
More than half of the Merrimack Street apartments, being constructed as part of Harbor Place, must remain “affordable” for more than 51 years, according to financing documents.
A total of 80 apartments are covered under two state Affordable Housing Restrictions filed with Southern Essex District Registry of Deeds, Salem.
Of the 50 units covered by a state Affordable Housing Restriction at 44 Merrimack St.—called the “Merrimack Project,” 40 are designated as low-income units, eight “extremely low income” and two “very low income.” Low-income units are reserved for those households earning 60 percent or less of the area median income (AMI); low-income, 50 percent or less AMI; and extremely low income, 30 percent or less AMI. Haverhill’s 2015 AMI for a family of four is $98,500.
Six of 30 units, covered under a second restriction, at 20-44 Merrimack St.—called the “Riverfront Project,” will be reserved for high- and moderate-income households, earning between 80 and 110 percent of AMI. Apartments range from one to three bedrooms with at least two units reserved for people with mobility impairments and one for people with sensory impairments, according to documents. Deed restrictions were signed by Lisa B. Alberghini, president of the archdiocese’s Public Office of Urban Affairs, Boston, and Paul M. Accardi, listed as manager of GHF (Greater Haverhill Foundation) Merrimack Street LLC, Haverhill. According to a filing with the Massachusetts Secretary of State’s office, other managers of GHF Merrimack Street are Ronald G. Trombley and Kenneth J. Cavallaro.
The Merrimack and Riverside Projects, along with the adjacent commercial building, represent three condominiums at the site.
The Massachusetts Housing Partnership—a quasi-public agency—will hold a $5.2 million first mortgage on 30 units of the Merrimack Street property, according to the partnership’s Project Portfolio listing. Other lenders include Massachusetts Department of Housing and Community Development and Peabody-based North Shore Home Consortium. Other loans include $30.7 million from Bank of America. The project also received a $19 million grant for site preparation and assembly under the state MassWorks program.