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Housing project eyed in Liberty Park By Damian Mann Oct 07, 2022 12:30 AM A A Local developers looking at plans to build four units on property owned by MURA The Medford Urban Renewal Agency bought the property at 532 Putnam St. in 2021 for $80,000 and demolished a dilapidated house that was a problem property in the neighborhood, just to the east of North Central Avenue. The property could be the site of a $935,000 four-unit, middle-income housing project. [Jamie Lusch / Mail Tribune] A blighted property in the Liberty Park neighborhood could be transformed into a $935,000 four-unit, middle-income housing project. The Medford Urban Renewal Agency bought the property at 532 Putnam St. in 2021 for $80,000 and demolished a dilapidated house that was a problem property in the neighborhood, just to the east of North Central Avenue. Developers Dan and Laurie Jovick have offered the city plans for a four-unit housing project that utilizes the development code changes resulting from the passage of House Bill 2001, which seeks to expand the type of housing available in residential areas. “There’s a great need for this type of housing,” said Eric Stark, a MURA board member and also a city councilor, at a recent study session. Stark said, “This project is not immediately profitable; it’s a long-term investment.” The MURA board is expected to take action on a development agreement with the Jovicks in the next month. The properties would be available to middle-income earners. The Jovicks have requested MURA’s financial assistance in the form of payment of system development charges and building permit fees, sidewalk improvements and contribution of the land to make the project work. MURA estimates its share at about 10% of the project cost. Their proposal is to build two studio units, each with 512 square feet, and two two-bedroom units, each with 1,024 square feet. A two-story building would house the studio units, and two detached two-story townhouses would house the two-bedroom units. Rents would be approximately $2,000 for the two-bedroom units and $1,650 for the one-bedroom, depending on market rates. A family of four earning 100% of area median income increased from $73,000 annually in 2021 to $81,400 in 2022. Each unit would have its own laundry facility The Jovicks expect the building portion of the project to run from $750,000 to $800,000, with the remainder of the project cost from MURA. Three parking spaces would be available on the property with a third on the street. The parking is a little unorthodox by the usual city standards. “As it turns out the house next door, a single-family house, parks three cars in their front yard,” said Harry Weiss, MURA director. Weiss said this project could be a good test project that could pave the way for other similar infill projects throughout the city. Councilor Kevin Stine suggested a property tax abatement for the project that adds up to $56,000 over 10 years to help reduce costs for the developer and potentially lower rents. The Jovicks anticipate seeking permits as soon as possible for the project. Reach freelance writer Damian Mann at [email protected].