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MassDevelopment

North End Deal Blends Senior Housing, Knights Quarters


February 9, 2021 : State House News Service, by Michael P. Norton


A vacant North End property will once again host a Knights of Columbus quarters while also featuring 23 one-bedroom affordable senior housing units, under a public-private partnership outlined on Monday. MassDevelopment issued $6.4 million in tax exempt bonds, which were purchased by Eastern Bank, on behalf of an affiliate of East Boston Community Development Corporation and Affirmative Investments Inc. The developers are using the proceeds to receive a 99-year lease at 41 North Margin Street. The project involves a building renovation, the addition of two floors where the housing units will be located, and a 1,600 square foot addition that will serve as the new quarters for the Ausonia Council 1513, Knights of Columbus. Plans call for the housing units to be rented to households earning no more than 60 percent of the area median income. Federal low-income housing tax credits will provide about $4.7 million in equity for the project. "MassDevelopment is proud to help bring affordable senior housing to one of the most historic neighborhoods in Boston, through East Boston CDC and Affirmative Investments, Inc.," said MassDevelopment President and CEO Dan Rivera. "The Knights of Columbus headquarters played such an important role in the life of the neighborhood so we are honored and excited to see the property continue its legacy as a safe and affordable home for many area seniors."