$9.1M for Housing at St. Therese Site
33 Units of Affordable Senior Housing to be built by The Neighborhood Developers with Tax-Exempt Bond from MassDevelopment
May 26, 2021
|Rendering of proposed St. Therese development in Everett|
MassDevelopment has issued a $9,143,000 tax-exempt bond on behalf of St. Therese 4% LLC, an affiliate of The Neighborhood Developers, Inc. (TND), which is using bond proceeds to buy, clear, and prepare a site located at the intersection of Broadway and Gledhill Avenue in Everett on which it will build a 33-unit affordable rental housing facility for seniors. Located at the site of the former St. Therese Parish, the proposed facility, also named St. Therese, will include 30 one-bedroom units and three two-bedroom units; 19 units will be rented to households earning no more than 60% of the area median income and 14 units will be rented to households earning no more than 30% of the area median income. St. Therese Parish closed its doors in 2004 and the property was cleared in late 2020. Boston Private Bank purchased the bond.
“Preserving and expanding affordable housing in Massachusetts is one of the Baker-Polito Administration’s top economic priorities,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “For our aging population in particular, access to stable housing is essential to ensuring residents’ health and well-being. We are pleased to see MassDevelopment's tax-exempt financing, coupled with Department of Housing and Community Development tax credits and subsidy funds, bring St. Therese over the finish line.”
“At a time when the need for new housing production is critical, MassDevelopment is proud to help The Neighborhood Developers build 33 new affordable homes for seniors in Everett,” said MassDevelopment President and CEO Dan Rivera. “St. Therese will be a welcome addition to Greater Boston’s housing stock by offering an affordable, safe, and vibrant community for many seniors to call home.”
St. Therese will include a community room, fitness room, common laundry, central air conditioning, and 58 surface parking spaces. The facility will be part of a larger mixed-use project that will include an additional 44 affordable rental units, six three-bedroom homeownership units, and a senior-focused health care center operated by East Boston Neighborhood Health Center. A pocket park on the property will be redeveloped to recognize the history of St. Therese Parish and will include remnants from the former church building.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development (DHCD) with the approval of federal low-income housing tax credits, which will provide approximately $5.5 million in equity for the project. DHCD also awarded subsidy funds in support of both this 33-unit project, as well as the adjacent 44-unit rental development.
“Older adults make up a growing portion of our Commonwealth, and we need to increase the supply of affordable, quality senior housing with services in every region,” said Housing and Community Development Undersecretary Jennifer Maddox. “Since 2015, we have invested more than $1.4 billion in the production and preservation of affordable housing in support of projects. Stable housing for working families, seniors, and vulnerable populations is vital for resilient communities. We are proud to support the St. Therese development which will create new, affordable homes for seniors with support services to help them thrive in Everett.”
“The addition of the St. Therese project will bring much needed affordable housing opportunities to Everett,” said Everett Mayor Carlo DeMaria. “Altogether, this project will provide 77 senior citizen affordable units with a local preference of up to 70% for Everett residents. The affordability of these units will range from 30% Area Median Income to 60% Area Median Income. This would translate to a typical one-bedroom having a monthly rent as low as $1,296 with some rents as low as $0 depending on tenant income. In addition to the 77 rental units, the project will also construct six new three-bedroom townhouse condominiums, which will be for sale below market rates, marketed for first-time homeowners with a shared income from $85,000 to $154,000 a year. I look forward to being able to welcome residents to their new homes upon completion.”
The Neighborhood Developers, Inc. (TND) is a nonprofit community development corporation headquartered in Chelsea. The organization’s mission is to create strong neighborhoods that enable community members to secure a stable home, achieve economic mobility, and determine their own future. TND owns 488 affordable housing units in Chelsea and Revere.
“In 2020, COVID-19 painfully highlighted the connection between health and housing; at St. Therese people will have access to healthy, affordable housing and convenient medical services and wellness programs at the same time,” said The Neighborhood Developers, Inc. Executive Director Rafael Mares. “The PACE model to be offered at St. Therese will provide seniors the support and resources to safely continue living in the communities they are rooted in.”
MassDevelopment has previously provided funding for other TND projects, including a $6,885,580 tax-exempt bond in January 2018 to build and equip a 34-unit affordable rental housing facility in Chelsea; a $5,825,000 tax-exempt bond in February 2016 to preserve, renovate, and build 52 affordable housing units in Chelsea and Revere; and more than $2 million in grants from the Brownfields Redevelopment Fund between 2008 and 2014 for site assessment and remediation for the Box District homes, which are transit-oriented housing developments in Chelsea.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.