EVERETT, MASS. — MassDevelopment has issued a $34.3 million tax-exempt bond to Impact Residential Development and The Neighborhood Developers as part of the funding for an affordable housing project in Everett, six miles north of Boston. The development will include 107 units rented to households earning up to 60 percent of area median income (AMI), 17 units rented to households earning up to 30 percent of AMI and one property-manager unit.
Construction is underway and is expected to be completed in May 2027. The tax-exempt bond was purchased by First Citizens Bank and Eastern Bank. Massachusetts Housing Partnership and Eastern Bank will assume the bond and provide long-term, fixed-rate financing for the project upon construction completion.
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 $21.9 million in equity for the project.