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**Everett Affordable Housing Project Secures $56M in Funding**
MassDevelopment has issued a $34.3 million tax-exempt bond to support the development of a new 125-unit affordable housing project at 25 Garvey Street in Everett, Massachusetts. The bond was issued on behalf of 25 Garvey Street Housing, LLC, a partnership between Atlanta-based Impact Residential Development and Massachusetts-based The Neighborhood Developers. Construction on the project is currently underway and is anticipated to be completed by May 2027.
The tax-exempt bond was purchased by First Citizens Bank with participation from Eastern Bank. This financing structure allowed the borrower to secure a lower capital cost. Upon completion of the development, Massachusetts Housing Partnership and Eastern Bank will assume the bond and provide long-term fixed-rate financing.
In addition to the bond proceeds, MassDevelopment worked in collaboration with the Massachusetts Executive Office of Housing and Livable Communities to secure federal Low-Income Housing Tax Credits (LIHTC). These tax credits are expected to generate approximately $21.9 million in equity for the project.
In total, the project has secured $56 million in funding from the tax-exempt bond and LIHTC financing.
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