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Peabody 'Friendly' 40B Goes to Zoning

3.11.20

The Residences at Farm Avenue is a proposed rental development in Peabody utilizing Chapter 40B.  Mayor Ted Bettencourt has stated that “the city of Peabody is very pleased to support the multifamily residential rental development known as The Residences at Farm Avenue.”

The development has secured a project eligibility letter from the Massachusetts Department of Housing and Community Development and is seeking a comprehensive permit from the city.

The Residences at Farm Avenue would have 116 rental apartments in total with a mix of one, two, three-bedroom units.  Six units would be accessible to those with disabilities and 25% of the project would be Affordable Housing at 80% of Area Median Income.  Because 25% of the units are Affordable Housing all 116 of the units would count towards Peabody's Subsidized Housing Inventory.

You can learn more about the proposed project here.

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