NSCDC and Powder House Lane
The North Shore Community Development Coalition is a widely respected non-profit developer with 40 years of experience, and has developed 400 apartment units across the North Shore. Based in Salem, it is a mission-based 501c3 organization dedicated to serving low- and moderate-income residents. “Though our due diligence is continuing, we hope very much that North Shore CDC will soon be able to preserve in perpetuity this affordable housing so important to this community,” said Mickey Northcutt, CEO of North Shore CDC. “The generosity and hard work which Manchester residents have exhibited are exemplary. We are thrilled to partner with them.”
How Will 1-3 Powder House Lane Operate? NSCDC will lease any vacant units to income-eligible tenants in accordance with State guidelines. Property management will be performed by Peabody Properties, Inc., a well-respected property manager whose standards are similar to those excellent ones of the property’s long-time owner and property management employees. Minimal renovations appear to be warranted on the property, including the installation of sprinklers.
How Else Might NSCDC Help on Affordable Housing in Manchester? NSCDC also intends to submit a proposal in response to the Request for Proposals that MAHT plans to issue. NSCDC has the potential to become a valuable ally in fulfilling the Town’s affordable housing objectives.
How is NSCDC financing the project? NSCDC financed its purchase with a combination of commercial bank debt and equity contributed by citizens of the Town. An independent Capital Campaign Committee provided the equity: in a very short period of time, donors committed more than the $1.25 mm of equity needed.