THE EVERETT ADVOCATE – FRIDAY, MAY 28, 2021 Page 17 SITE | FROM PAGE 4 ership 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 Macedo named to SNHU Dean’s List M ANCHESTER, N.H. – Ninette Macedo of Everett was named to the Dean’s List at Southern New Hampshire University for the spring 2021 semester. Full-time students who have earned a grade point average of at least 3.50 are named to the Dean’s List. COUNCIL | FROM PAGE 3 ever, those plans did not move forward. “That was determined to be too costly,” he said. Demas also reminded the council that the SOI is just the first step in the process of building a new school. “This gets Everett in the queue,” he said, adding that the City of Everett has until June 25 to submit the SOI to the Massachusetts School Building Authority. The council will revisit the matter during its next meeting on June 7. 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 Mayor Carlo DeMaria. “Altogether, this project will provide 77 senior citizen affordable units with a local preference of up to 70 percent for Everett residents. The affordability of these units will range from 30 percent Area Median Income to 60 percent 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 firsttime 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.” 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 TND 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 $6.8 million tax-exempt bond in January 2018 to build and equip a 34-unit affordable rental housing facility in Chelsea; a $5.8 million 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.
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