McDevitt Senior Homes (207-209 E St)

McDevitt Senior Homes was awarded $5,145,000 from MOH which was most recently renewed on March 22, 2024. The project includes 35 units of affordable housing for people 62 and older and one manager’s unit. Nineteen of the units will be affordable to households at or below 50% AMI and 16 units will be affordable to households at or below 30% AMI. The project involves the adaptive reuse
of the St Augustine’s Parish building which was built in 1926.

The Sponsor had to purchase the building and used a CEDAC acquisition loan to do so in April 2024. The project has been caught in the volume cap issues at the state level which has delayed closing.

MOH is proposing to commit $3,500,000 of ARPA funds now which will be used to pay off the CEDAC acquisition loan. This will save the project ~$300,000 in interest carry expense as it is expecting to close and begin construction in early 2026.

The project has received EOHLC approval for 4% LIHTC, HIF, HSF, CBH, and AHTF. IT was also awarded $850,000 from FHLB Boston’s AHP program. All funding sources are committed and the only delay is related to the availability of tax-exempt financing.