To the editor:
In the midst of particularly challenging times for the School Department, the city of Beverly, and so many other cities and towns in Massachusetts, finding opportunities for economic growth becomes all the more critical.
This highlights another instance where the development of quality affordable housing and economic growth coincide. Over the next five years, the Beverly Affordable Housing Coalition will complete two major real-estate developments, which will provide 108 units of quality affordable housing. To accomplish this, we are leveraging our time and local support to bring in a combination of private, state and federal resources totaling approximately $30 million.
Not only will these developments provide critically needed and permanently affordable housing for low- and moderate-income families and individuals in Beverly, they will also create local jobs and significantly enhance the values of the properties we are developing.
A common myth about affordable housing is the belief that the housing we develop will be tax-exempt. In fact, we pay the same real-estate tax rate on our developments as a market-rate development would pay. As the value of the properties rises when development is complete, our tax bills will also increase. And that money, we are glad to say, will increase the tax base for Beverly — helping to alleviate the economic stress our city faces.
We thank the city of Beverly for working hard to solve the ongoing challenges of funding essential programs that benefit all of us, as well as for their strong support and encouragement for the work of the Coalition.
MICKEY NORTHCUTT, Executive Director
Beverly Affordable Housing Coalition Inc.
Beverly
