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Tax-Exempt MassDevelopment Bond Facilitates Affordable Studio Apartments
MassDevelopment has issued a $7,520,000 tax-exempt bond on behalf of Catalyst Housing LLC, an affiliate of Harborlight Homes and The Haven Project. The organizations will use bond proceeds to buy the upper floors of 57-65 Munroe St. in Lynn, MA and renovate them to create 24 affordable, service-enriched studio apartments for formerly homeless young adults.
Harborlight Homes created a for-profit affiliate, Catalyst Housing LLC, to facilitate this tax-exempt financing. The bond, purchased by Eastern Bank, helped Catalyst Housing LLC achieve a lower cost of capital.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $6.4 million in equity for the project.
“These affordable studio units will place a roof over the head of housing-insecure young adults in Lynn, providing stability as they prepare for their futures,” said acting MassDevelopment president and CEO Dan O’Connell.
- ◦Development
- ◦Financing
