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**Everett Affordable Housing Project Secures $56M in Financing**
MassDevelopment has issued a $34.3 million tax-exempt bond to support the development of a new 125-unit affordable housing complex 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 local organization The Neighborhood Developers.
Construction is currently underway and the project is expected 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 developers to reduce their cost of capital. Upon completion of the construction, Massachusetts Housing Partnership and Eastern Bank will assume the bond and provide long-term fixed-rate financing.
In addition to the bond financing, MassDevelopment collaborated with the Massachusetts Executive Office of Housing and Livable Communities to secure federal Low-Income Housing Tax Credits (LIHTC) that will contribute approximately $21.9 million in equity toward the project.
This combined financing package brings the total support for the project to roughly $56 million, progressing the goal of expanding affordable housing options in the Everett community.
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