Beacon Communities’ affiliate, BC Leefort Terrace LLC, has received $45 million in tax-exempt bonds from MassDevelopment for the redevelopment of Leefort Terrace housing development in Salem, MA. Citizens and Eastern Bank have purchased these bonds while the Commonwealth of Massachusetts has approved Low-Income Housing Tax Credits worth approximately $29.2 million.
Originally built in 1958 with 50 one-bedroom units spread across eight buildings, Leefort Terrace will now be transformed into a modern affordable rental housing complex with 124 units ranging from one to three bedrooms.
According to Marcos Marrero, deputy director and senior EVP at MassDevelopment: “Investing in quality affordable housing like this strengthens and revitalizes gateway cities such as Salem.”
Construction on the project began in June and is expected to be completed by May 2026. During this time, current residents of Leefort Terrace will temporarily relocate off-site but will have the right to return once construction is finished.
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