Lynn, MA – 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 – a 12,983sf condo within a historic commercial building – and renovate them to create 24 affordable, service-enriched studio apartments for formerly homeless young adults ages 18 to 24. All units will be rented to individuals earning up to 30% of the area median income ($31,150 for a one-person household). Catalyst Housing will be staffed by an on-site caseworker and The Haven Project will offer additional supportive services from its existing service center on the second floor of the building.
Harborlight Homes created a for-profit affiliate, Catalyst Housing LLC, for the purposes of facilitating this tax-exempt financing. The tax-exempt 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. “We are pleased to partner with Eastern Bank to help Harborlight Homes and The Haven Project make this project a reality.”
“We take pride in the vision embodied by the Catalyst Housing project, which aims to provide sanctuary and opportunity, especially for our young adults,” said Lynn Mayor Jared C. Nicholson. “The City allocated ARPA funds to support this project in recognition of its commitment to prioritize affordable housing and empower our residents through supportive services.”
Harborlight Homes is a nonprofit, Massachusetts-certified community development corporation that develops, manages, and advocates for quality, service-enriched affordable housing with wrap-around services for low-earning families, vulnerable elders, essential workers, those who are disabled, or those who have experienced homelessness. The Haven Project was established in 2011 to address a gap in services to unaccompanied homeless young adults in Lynn and surrounding communities. The organization provides direct service to more than 300 housing unstable youth, ages 17-24, each year.
