MassDevelopment has recently issued a tax-exempt bond worth $7,520,000 on behalf of Catalyst Housing LLC. This company is affiliated with Harborlight Homes and The Haven Project. The funds from this bond will be used to purchase the upper floors of 57-65 Munroe St. in Lynn, MA and renovate them into 24 affordable studio apartments for young adults who were previously homeless.
To facilitate this financing, Harborlight Homes created a for-profit affiliate called Catalyst Housing LLC. By purchasing the bond through Eastern Bank, they were able to secure lower capital costs.
In addition to the tax-exempt bond, MassDevelopment also assisted the Massachusetts Executive Office of Housing and Livable Communities in obtaining federal low-income housing tax credits worth approximately $6.4 million for this project.
According to acting president and CEO Dan O’Connell from MassDevelopment: “These affordable studio units will provide much-needed stability for housing-insecure young adults in Lynn as they prepare for their futures.”
