Lynn Adds Studio Apartments for Formerly Homeless Young Adults

MassDevelopment 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 are using bond proceeds to buy the upper floors of 57-65 Munroe St. in Lynn – a 12,983-square-foot 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. 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. 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.