Boston – MassDevelopment has issued a $6.4 million tax-exempt bond on behalf of 41 N. Margin Senior Apartments, LLC, an affiliate of East Boston Community Development Corporation (EBCDC) and Affirmative Investments, Inc., which is using bond proceeds to receive a 99-year lease from Ausonia Home Association for a portion of its property at 41 N. Margin Street in Boston’s North End.
EBCDC and Affirmative Investments are also using bond proceeds to convert the property, which has been vacant for two years and was previously the headquarters for the Ausonia Council 1513, Knights of Columbus, into the Knights of Columbus Apartments that will feature 23 one-bedroom units of affordable senior housing to be rented to households earning no more than 60% of the area median income.
The project includes renovating the building, adding two floors where the housing units will be located, and constructing a 1,600sf addition that will serve as the new quarters for Ausonia Council 1513, Knights of Columbus. Eastern Bank purchased the bond.
“MassDevelopment is proud to help bring affordable senior housing to one of the most historic neighborhoods in Boston, through East Boston CDC and Affirmative Investments, Inc.,” said MassDevelopment president and CEO, Dan Rivera. “The Knights of Columbus headquarters played such an important role in the life of the neighborhood so we are honored and excited to see the property continue its legacy as a safe and affordable home for many area seniors.”
In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $4.7 million in equity for the project.
“The members of Ausonia Council 1513, Knights of Columbus, are excited to work with East Boston CDC, Affirmative Investments, and state and city governments to provide 23 affordable, elderly apartments to give residents an opportunity to remain in the neighborhood,” said John Pagliuca, Grand Knight of Ausonia Council 1513, Knights of Columbus.