Everett, MA – MassDevelopment has issued a $9,143,000 tax-exempt bond on behalf of St. Therese 4% LLC, an affiliate of The Neighborhood Developers, Inc. (TND), which is using bond proceeds to buy, clear, and prepare a site located at the intersection of Broadway and Gledhill Avenue in Everett on which it will build a 33-unit affordable rental housing facility for seniors.
Located at the site of the former St. Therese Parish, the proposed facility, also named St. Therese, will include 30 one-bedroom units and three two-bedroom units; 19 units will be rented to households earning no more than 60% of the area median income and 14 units will be rented to households earning no more than 30% of the area median income. St. Therese Parish closed its doors in 2004 and the property was cleared in late 2020. Boston Private Bank purchased the bond.
St. Therese will include a community room, fitness room, common laundry, central air conditioning, and 58 surface parking spaces. The facility will be part of a larger mixed-use project that will include an additional 44 affordable rental units, six three-bedroom homeownership units, and a senior-focused health care center operated by East Boston Neighborhood Health Center.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development (DHCD) with the approval of federal low-income housing tax credits, which will provide approximately $5.5 million in equity for the project. DHCD also awarded subsidy funds in support of both this 33-unit project, as well as the adjacent 44-unit rental development.