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. The funds will be used to transform the circa-1958 complex into a modern and affordable rental community.
Citizens and Eastern Bank have purchased the tax-exempt bonds while Low-Income Housing Tax Credits worth approximately $29.2 million have been approved by the Commonwealth of Massachusetts.
Originally built with 50 one-bedroom units spread across eight garden-style buildings, Leefort Terrace will now offer 124 units ranging from one to three bedrooms after its redevelopment is complete.
According to Marcos Marrero, deputy director and senior EVP at MassDevelopment,”Gateway cities like Salem thrive when we invest in high-quality affordable housing.” Construction on this project began in June and is expected to finish by May 2026. During this time period, current residents of Leefort Terrace will temporarily relocate off-site but are guaranteed their right to return once construction is completed.
